TCRLA_Public/071109.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    L A T I N   A M E R I C A

           Friday, November 9, 2007, Vol. 8, Issue 223

                          Headlines

A R G E N T I N A

ALITALIA SPA: Taps Goldman Sachs as Adviser for Stake Bid
AVELINO QUIRNO: Proofs of Claim Verification Deadline Is Dec. 20
BALLY TECH: To Acquire Compudigm Int'l Gaming Applications
DELTA AIR: Inks 10-Year US$1-Billion Deal with Chromalloy
ROCHIFARM SRL: Trustee Verifies Proofs of Claim Until Feb. 13

RUBEN NARDONE: Proofs of Claim Verification Is Until Nov. 13
SCO GROUP: Seeks Court OK to Expand Mesirow's Scope of Services
SCO GROUP: Taps CFO Solutions for Chief Financial Officer Search
SCO GROUP: Wants to Employ Tanner LC as Accountants
SOCIEDAD COOPERATIVA; Individual Reports Filing Is on Nov. 12

TELECOM PERSONAL: Launching Network Expansion Works
TRANSPORTES NICOLITA: Trustee Verifies Claims Until Feb. 20

* BUENOS AIRES: Fitch Affirms B Long-Term Foreign & Local IDRs

B A H A M A S

CENVEO INC: Reports US$3.0 Million Net Income in Third Quarter

B E R M U D A

ANNUITY & LIFE: Posts US$88-Mln Net Loss in Qtr. Ended Sept. 30
FOSTER WHEELER: Earns US$129.1 Million in Third Quarter of 2007
FOSTER WHEELER: Board Okays Two-for-One Stock Split
SCOTTISH RE: Incurs US$107.1 Million Net Loss in 2007 Third Qtr.

B O L I V I A

GOL LINHAS: Earns US$26 Million in Third Quarter

B R A Z I L

ACTUANT CORP: R. Alan Hunter Joins Board of Directors
AMERICAN TOWER: Third Qtr. Net Income Up to US$59.6 Mil. in 2007
BASELL AF: S&P Holds BB- Corp. Credit Rating on Watch Negative
BRA TRANSPORTES: Lays Off Workers Due to Financial Problems
BRA TRANSPORTES: CEO Humberto Folegatti Resigns

DELPHI CORP: Wants to Use US$4.4-Bil. DIP Loan Until Sept. 2008
EMI GROUP: Terra Firma Leads Strategic Review to Recover Equity
EMI GROUP: Terra Firma Eyes Artists' Compensation Overhaul
GENERAL MOTORS: Moody's Affirms Ratings with Stable Outlook
GEOKINETICS INC: Relocates Corporate Office in Houston, Texas

GERDAU AMERISTEEL: Declares US$0.02 Dividend Payable Dec. 12
GERDAU AMERISTEEL: Closes 126.5 Million Common Shares Offering
GERDAU SA: Reports BRL3.4 Billion Net Profit in First Nine Mos.
LAZARD LTD: Sept. 30 Balance Sheet Upside-Down by US$74.5 Mil.
TEREX CORP: Earns US$151.5 Mil. in Third Quarter Ended Sept. 30

TEREX CORP: Moody's Rates New US$500 Mln Sr. Sub. Notes at Ba3
TEREX CORP: S&P Affirms BB Corporate Credit Rating

* BRAZIL: Petrobras Mulling New Investments in Bolivia

C A Y M A N   I S L A N D S

BLACKSTONE FIFTH: Proofs of Claim Filing Ends Nov. 10
BLACKSTONE PARTNERS: Proofs of Claim Filing Is Until Nov. 10
GAMEO INT'L: Proofs of Claim Filing Deadline Is Nov. 28
HMTF FURNITURE: Sets Final Shareholders Meeting for Nov. 30
HMTF FURNITURE: Proofs of Claim Filing Ends on Nov. 29

HMTF-LA ARGENTINA: Proofs of Claim Filing Deadline Is Nov. 29
HMTF-LA ARGENTINA: To Hold Final Shareholders Meeting on Nov. 30
MIAMI FINANCE: Proofs of Claim Filing Deadline Is Nov. 29
QIB BOULDER: Proofs of Claim Filing Deadline Is Nov. 23
ROSHAM HOLDINGS: Proofs of Claim Filing Is Until Nov. 29

SCHINDLER FINANCE: Proofs of Claim Filing Ends on Nov. 29
UNIVEST GLOBAL: Proofs of Claim Filing Ends on Nov. 28
WALBROOK ESTATES: Proofs of Claim Filing Is Until Nov. 23

C H I L E

AES CORP: Benefiting from Gas Export Restriction to Chile
SHAW GROUP: Joint Venture Bags Remediation Contract from DOE

C O L O M B I A

BANCOLOMBIA SA: Earns COP316.7 Billion in Quarter Ended Sept. 30

C O S T A   R I C A

ALCATEL-LUCENT: Moody's Lowers Corporate Family Rating to Ba3

D O M I N I C A N   R E P U B L I C

BANCO DE RESERVAS: Fitch Assigns Preliminary B Ratings
GRUPO M: Moody's Assigns Ba3 Rating on US$150-Mln Senior Notes
PRC LLC: Liquidity Concerns Cues S&P to Withdraw Ratings

E C U A D O R

* ECUADOR: MIF Approves Financing for Two Projects
* ECUADOR: Mining Firms To Pay More Royalties

G U A T E M A L A

BRITISH AIRWAYS: Traffic Figures Up 2.2% in October 2007
EMPRESA ELECTRICA: S&P Confirms BB Long-Term Corp. Credit Rating

H O N D U R A S

LEAR CORP: Earns US$41 Million in Third Quarter Ended Sept. 29

M E X I C O

FLEXTRONICS INTERNATIONAL: Solectron Alters Repurchase Offer
MCDERMOTT INT'L: Reports US$140.4-Mln Net Income in Third Qtr.
URS CORP: Earns US$38.7 Million in Third Quarter Ended Sept. 28
UNITED RENTALS: Moody's Places Corporate Family Rating at B2
UNITED RENTALS: S&P Lowers Corp. Credit Rating to B+ from BB-

P A N A M A

* PANAMA: Obtains US$10-Million Financing from IDB

P A R A G U A Y

AGILENT TECHNOLOGIES: Inks Purchase Agreement with Velocity11

P U E R T O   R I C O

AVNET INC: Closes Acquisition of Betronik in Germany
DIRECTV: Revenues Increase To US$442 Million in Third Quarter
ROGELIO SORRENTINI: Case Summary & 19 Largest Unsec. Creditors

V E N E Z U E L A

ARVINMERITOR INC: Closes North Carolina Operation on Sept. 2008
CHRYSLER LLC: Lenders Selling US$4 Billion Loans at a Discount
CHRYSLER LLC: Fitch Ratings Unaffected by UAW Agreement
GRAHAM PACKAGING: Sept. 30 Balance Sheet Upside-Down by US$616MM
PETROLEOS DE VENEZUELA: Increasing Oil Shipments to China

* VENEZUELA: Cantv Earns VEB341 Billion in Third Quarter 2007


                         - - - - -


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A R G E N T I N A
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ALITALIA SPA: Taps Goldman Sachs as Adviser for Stake Bid
---------------------------------------------------------
AP Holding S.p.A., AirOne S.p.A.'s acquisition vehicle, has
hired Goldman Sachs to advise on its bid to acquire the Italian
government's 49.9% stake in Alitalia S.p.A., Thomson Financial
reports.

AP Holding, backed financially by Intesa Sanpaolo S.p.A., said
Nomura is joining its "core banking group" that consists of
Italian and foreign investment banks, created specifically for
the Alitalia bid, Thomson Financial relates.

AP Holding has also acquired the services of:

   -- Boston Consulting Group as industrial adviser;
   -- Sabre Airline Solutions as technical adviser; and
   -- Bonelli Erede Pappalardo as legal adviser.

"AP Holding, supported by its working group, believes it can
offer an efficient solution for a solid industrial operation and
for the long-term relaunch of Alitalia," AP Holding was cited by  
Thomson Financial as saying.

According to industry analysts, Air France-KLM and Deutsche
Lufthansa AG offers stronger industrial ties for Italy's
national carrier, while AP's financial strength and
international links have been a concern for Alitalia's unions,
Thomson Financial adds.

As reported in the TCR-Europe on Oct. 23, 2007, Alitalia will
choose the buyer for Italy's stake on Nov. 10, 2007.  Alitalia
chairman Maurizio Prato told the Italian parliament that he will
recommend an industrial buyer for Italy's stake within the first
ten days of November, Agenzia Giornalistica Italia relates.  The
government will then decide how to finalize the sale of its
stake.

Alitalia decided to open talks, through the financial advisor
Citi and industrial advisor Roland Berger, with:

   -- OAO Aeroflot,
   -- Air France-KLM,
   -- AP Holding S.p.A.,
   -- Cordata Baldassarre,
   -- Deutsche Lufthansa AG,
   -- TPG Capital.

                       About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and EUR625.6
million in 2006.


AVELINO QUIRNO: Proofs of Claim Verification Deadline Is Dec. 20
----------------------------------------------------------------
Armando Gutman, the court-appointed trustee for Avelino Quirno
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Dec. 20, 2007.

Mr. Gutman will present the validated claims in court as
individual reports on March 5, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Avelino Quirno and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Avelino Quirno's
accounting and banking records will be submitted in court on
April 18, 2008.

Mr. Gutman is also in charge of administering Avelino Quirno's
assets under court supervision and will take part in their
disposal to the extent established by law.

The trustee can be reached at:

         Armando Gutman
         Esmeralda 625
         Buenos Aires, Argentina


BALLY TECH: To Acquire Compudigm Int'l Gaming Applications
----------------------------------------------------------
Bally Technologies, Inc. has signed a contract to acquire the
Gaming Power and seePOWER applications for the gaming industry
from Compudigm International, adding exclusive and powerful data
visualization and business analysis technology to the new Bally
Business Intelligence product line.
    
Compudigm's integrated solutions will immediately serve as a key
component in Bally's server-gaming strategy and the company's
plans for delivering "The Networked Floor Of The Future."
    
The acquired Compudigm technology currently monitors, manages
and optimizes data from more than 60,000 gaming positions around
the world that generate US$6 billion in annual revenues. Current
customers using this product for marketing and business analysis
include Harrah's Entertainment, Penn National Gaming, Trump
Entertainment Resorts and the Seminole Tribe of Florida, as well
as major casinos in New Zealand and Australia.
    
Bally also announces the launch of a comprehensive Business
Intelligence solution that will consist of two distinct and
integrated modules -- its internally developed Data Analysis
Dashboard and Compudigm's Gaming Power and seePower Data
Visualization modules -- both working off one combined Gaming
Data Warehouse.  This combination of two best-of-breed solutions
will offer the most powerful and state-of-the-art business
intelligence suite for the gaming industry.
    
The Data Analysis Dashboard offers more than 650 predefined key
performance indicators, graphical data analysis charts and
graphs, more than 150 predefined reports and ad-hoc reporting
that will bring all essential information required to manage a
casino just a few computer
clicks away.
    
"The Compudigm technology acquisition is consistent with our
commitment to deliver leading, yet useable technology with a
strong return on investment to our Systems footprint of more
than 368,000 devices worldwide," said Richard Haddrill, Chief
Executive Officer of Bally Technologies. "Our leading business
intelligence suite of products will be a key component in
delivering ROI on the evolving 'networked gaming floor of the
future.'"
    
The new Bally Business Intelligence product line will feature
multiple pricing and scalable options for the different data
warehousing, business analysis and data visualization solutions.
    
"When combined with the acquired Compudigm technology, this will
allow for dynamic decision-making that doesn't currently exist
in the industry today and will be the most comprehensive
business intelligence package in the gaming space," said Bruce
Rowe, Senior Vice President of Strategy and Business Development
for Bally.  "And it's the perfect foundational technology for
both today's networked floor and for the potential created by
server applications."
    
The Compudigm products Bally is acquiring transform the deluge
of data generated by casino slots, tables and customer loyalty
systems into actionable, visual insights that help casino
managers make the smartest, fastest marketing and game floor
management decisions possible.
    
"The Bally solution will utilize seePOWER's smart marketing and
predictive engine to unlock real value and to realize the full
potential of a casino's business," said Wout van Loon, CEO of
Compudigm International.  "The seePOWER platform has provided
many gaming customers with an unparalleled competitive
advantage."
    
The Bally agreement represents Compudigm's business model to
provide industry-leading solution providers with the seePOWER
platform and application development suite to deliver advanced
visualization, customer profiling, customer segmentation and
content-intelligence to the entertainment, loyalty, financial
services, retail, telecommunications, utilities and health
sciences industries.
    
Recognized as the industry systems leader with more than 368,000
machines at casino, bingo, Class II, central determination and
lottery locations worldwide -- including more than 204 locations
currently running Bally eTICKET(TM) on more than 236,000 slot
machines -- the Bally Technologies systems product line offers
slot machine cash monitoring, table management, cashless,
accounting, security, maintenance, marketing, promotional and
bonusing capabilities, enabling operators to accurately analyze
performance and accountability while providing an enhanced level
of customer service.
    
                      About Compudigm
    
Founded in 1997, Compudigm -- visit http://www.compudigm.com
-- delivers groundbreaking business intelligence solutions based
upon its seePOWER data visualization technology, which enables
enterprises to transform oceans of disparate data into
actionable, visual intelligence for significant competitive
advantage.  The company enables enterprises to see their
business clearly by animating, illustrating and infusing maps
and floor-plans as well as product, engineering and scientific
diagrams with comprehensive business intelligence.  Compudigm
also delivers advanced visualization, customer profiling, and
content-intelligence as well as advice and guidance solutions to
the gaming, retail, entertainment, telecommunications,
utilities, health sciences and financial service industries.  
Compudigm's accolades include Gold and Silver awards from Casino
Journal's Most Innovative Gaming Technology Products
competition; dual Smithsonian Computerworld Laureates; and the
Data Warehousing Institute's "Pioneering Product of the Year"
award.

                 About Bally Technologies

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,  
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Mississippi.  The company's South
American operations are located in Argentina.  The company also
has operations in Macau, China, and India.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 7, 2007, Standard & Poor's Ratings Services has raised its
corporate credit and senior secured debt ratings on Bally
Technologies Inc. to 'B+' from 'B-'.  Concurrently, S&P revised
the CreditWatch implications to positive from developing.


DELTA AIR: Inks 10-Year US$1-Billion Deal with Chromalloy
---------------------------------------------------------
Delta Air Lines, Inc., has reached a 10-year, US$1 billion plus
deal with Chromalloy Gas Turbine Corporation, which marks the
largest and most significant Parts Manufacturing Approval
agreement in the airline industry, adds the CFM56-5 to Delta
TechOps –- the airline's Maintenance, Repair and Overhaul  
division -- engine overhaul capabilities and will result in 250
additional engine overhauls.

"This is a significant development for the future of our
industry and one that signals the dynamic, out-of-the-box
strategy for which Delta TechOps is known," said Tony Charaf,
senior vice president of Delta TechOps.   "Chromalloy already
has extraordinary capabilities in PMA development and by working
with them, Delta TechOps will be well positioned in the
marketplace to better compete and, in turn, offer greater
flexibility to our more than 100 customers worldwide."

As part of the deal, Chromalloy will develop PMA alternatives
for a number of parts commonly used in the CFM56-7 and CFM56-5
engines, including several Life Limited Parts (LLP).  Delta and
Chromalloy will work together on the development of the PMA
parts, and Delta will serve as the launch customer by
incorporating certain parts in its own large fleet of CFM56-7
engines.   The CFM56-7 is the exclusive engine used on Boeing’s
737 Next Generation aircraft and represents the largest fleet of
engines flying today.  The fleet is expected to double in the
next 10 years, growing to more than 12,000 engines.

"Delta TechOps is highly regarded in the MRO industry for
providing not only maintenance services for Delta's own engines,
but also increasingly for third parties.  We look forward to
working closely with Delta's extremely qualified staff of
engineers and technical professionals on this important program
which is a new milestone for the entire industry," said
Christine Richardson, Chromalloy's chief executive officer.  
"This will build on the strong technical and service
relationship we already have with Delta, as our interests are
uniquely aligned on this large aftermarket program."

While Delta TechOps currently performs engine overhauls on the
CFM56-7, this deal will add the CFM56-5 engine type to the
extensive list of engines it services which includes the PW4000,
PW2000, JT8D-219, CF680A, CF680C2 and CF34 engine lines.  As the
engine of choice on Airbus aircraft including the A318, A319,
A320 and A321, the CFM56-5 represents a significant addition to
Delta TechOps’ overhaul and repair capabilities.  With the PMA
parts program, Delta TechOps will offer its customers an
industry leading alternative for their CFM56-7 and CFM56-5
overhauls.

The deal also includes 250 engine overhauls to be performed by
Delta TechOps professionals over the term of the agreement,
which also will add to the impressive growth of Delta TechOps’
engine maintenance business.  In 2007, Delta TechOps will
overhaul more than 220 customer engines.

The agreement with Chromalloy complements Delta TechOps' growing
list of strategic sourcing partnerships, all of which include
elements that continue to help grow the MRO business.  Already
this year, TechOps has announced agreements with Pratt & Whitney
and CFM International.  With this agreement, Delta TechOps will
be the world’s largest third-party CFM engine overhaul provider.

"Our MRO business will continue to grow, thanks in large part to
our dedicated, highly skilled and flexible employees, as well as
our capacity and product offerings," said Charaf.  "Reciprocal
strategic sourcing is another platform of growth for our
successful MRO business, and we will continue to look for ways
to add value and grow our business."

Delta TechOps is the largest airline MRO in North America,
earning more than $310 million in revenue in 2006.  In addition
to providing maintenance and engineering support for Delta's
fleet of 440 aircraft, Delta TechOps serves more than 100
aviation and airline customers from around the world,
specializing in high-skill work like engines, components, hangar
and line maintenance.  

Jim Tharpe of ajc.com says Delta's Atlanta TechOps center
currently employs 4,500 workers, and the $1 billion deal --
disclosed at an aviation industry conference in Milan, Italy --
could mean additional jobs.

"We certainly hope that as we grow our engine work we will add
jobs, but I don't have a specific figure at that time,"
spokesman Kent Landers said, according to ajc.com.

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta flies to
Argentina, Australia and the United Kingdom, among others.  The
company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.  As of June 30, 2005, the
company's balance sheet showed US$21.5 billion in assets and
US$28.5 billion in liabilities.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 2007, the Court confirmed the
Debtors' plan.


ROCHIFARM SRL: Trustee Verifies Proofs of Claim Until Feb. 13
-------------------------------------------------------------
Emilio Gallego, the court-appointed trustee for Rochifarm
S.R.L.'s reorganization proceeding, verifies creditors' proofs
of claim until Feb. 13, 2008.

Mr. Gallego will present the validated claims in court as
individual reports on March 31, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Rochifarm and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Rochifarm's
accounting and banking records will be submitted in court on May
14, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on Oct. 29, 2008.

The debtor can be reached at:

       Rochifarm S.R.L.
       Avenida Cabildo 3111
       Buenos Aires, Argentina

The trustee can be reached at:

       Emilio Gallego
       Esmeralda 1066
       Buenos Aires, Argentina


RUBEN NARDONE: Proofs of Claim Verification Is Until Nov. 13
------------------------------------------------------------
Juan Carlos Blanco, the court-appointed trustee for Ruben
Nardone S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Nov. 13, 2007.

Mr. Blanco will present the validated claims in court as
individual reports on Dec. 27, 2007.  The National Commercial
Court of First
Instance in Rosario, Santa Fe, will determine if the verified
claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised
by Ruben Nardone and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Ruben Nardone's
accounting and banking records will be submitted in court on
March 10, 2008.

Mr. Blanco is also in charge of administering Ruben Nardone's
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

         Ruben Nardone S.R.L.
         Saa Pereyra 619, Acebal
         Santa Fe, Argentina

The trustee can be reached at:

         Juan Carlos Blanco
         Pje. Copiapo 650, Rosario
         Santa Fe, Argentina


SCO GROUP: Seeks Court OK to Expand Mesirow's Scope of Services
---------------------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. ask the U.S.
Bankruptcy Court for the District of Delaware for permission to
expand the scope of Mesirow Financial Consulting LLC's services
as their financial advisor.

The Debtors propose that Mesirow's services include sale and
valuation, nunc pro tunc Oct. 8, 2007.

A hearing to consider the Debtors' request has been set for
Dec. 5, 2007, at 10:00 a.m.

Recently, the Court approved the employment of Mesirow based on
the Debtors' original application.

The original application, as reported in the Troubled Company
Reporter on Nov. 5, 2007, indicated that nunc pro tunc to
Sept. 14, 2007, Mesirow will:

   a. assist in the preparation of or review of reports or
      filings as required by the Bankruptcy Court or the Office
      of the United States Trustee, including, but not limited
      to, schedules of assets and liabilities, statements of
      financial affairs and monthly operating reports;

   b. assist in the preparation of or review of the Debtors'
      financial information, including, but not limited to,
      analyses of cash receipts and disbursements, financial
      statement items and proposed transactions for which
      Bankruptcy Court approval is sought;

   c. assist with the analysis, tracking and reporting regarding
      cash collateral and any debtor-in-possession financing
      arrangements and budgets;

   d. assist with the implementation of bankruptcy accounting
      procedures as may be required by the Bankruptcy Code and
      generally accepted accounting principles;

   e. advise and assist regarding tax planning issues,
      including, but not limited to, assistance in estimating
      net operating loss carryforwards, international, state and
      local tax issues and the tax considerations of proposed
      plans of reorganizations;
  
   f. assist with identifying and implementing potential cost
      containment opportunities;

   g. assist with identifying and implementing asset
      redeployment opportunities;

   h. analyze assumption and rejection issues regarding
      executory contracts and leases;

   1. assist in the preparation and review of proposed business
      plans and the business and financial condition of the
      Debtors generally;

   j. assist in evaluating reorganization strategies and
      alternatives;

   k. review and critique of the Debtors' financial projections
      and assumptions;

   i. prepare enterprise, asset and liquidation valuations;

   m. assist in preparing documents necessary for confirmation;

   n. advise and assist to the Debtors in negotiations and
      meetings with the Creditors' Committee, the bank lenders
      and other parties-in-interest;

   o. advise and assist on the tax consequences of proposed
      plans of reorganization;

   p. assist with the claims resolution procedures, including,
      but not limited to, analyses of creditors' claims by type
      and entity;

   q. render litigation consulting services and expert witness
      testimony regarding confirmation issues, avoidance actions
      or other matters; and

   r. render other functions as requested by the Debtors or
      their counsel to assist the Debtors in these Chapter 11
      Cases.

The Debtors will pay Mesirow according to the firm's customary
hourly rates:

          Designation                         Hourly Rate
          -----------                         -----------
          Sr. Managing Director,            US$650 - US$690
            Managing Director and
            Director
          Sr. Vice-President                US$550 - US$620
          Vice President                    US$450 - US$520
          Senior Associate                  US$350 - US$420
          Associate                         US$190 - US$290
          Paraprofessional                      US$150

Mesirow will bill a fixed fee of US$35,000 for the preparation
of schedules of assets and liabilities and the statement of
financial affairs.  All other services, as requested by the
Debtors, and agreed to by Mesirow, will be billed at the normal
and customary rates listed above less a 10% discount to fees as
determined.

Prior to the bankruptcy filing, Mesirow received an advance
payment retainer of US$35,000 from the Debtors.  Of that
retainer, US$0 has been applied to fees and expenses incurred
prior to the bankruptcy filing.  The balance of this retainer
will be held by Mesirow and applied against postpetition fees
and expenses to the extent allowed by the Court.

To the best of the Debtors' knowledge, Mesirow is a
"disinterested person" as that term is defined in section
101(14) of the Bankrptcy Code as modified by section 11 07 (b)
of the Bankruptcy Code.

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--  
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq. and Arthur J.
Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq.
at Pachulski Stang  Ziehl & Jones LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions, LLC, acts as the Debtors'
claims and noticing agent.  The United States Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on March 12,
2008.  The Debtors' schedules of assets and liabilities showed
total assets of US$9,549,519 and total liabilities of
US$3,018,489.


SCO GROUP: Taps CFO Solutions for Chief Financial Officer Search
----------------------------------------------------------------
The SCO Group Inc. and its affiliate, SCO Operations Inc., seek
authority from the U.S. Bankruptcy Court for the District of
Delaware, to employ CFO Solutions LC to provide their company
with a chief financial officer, nunc pro tunc to Oct. 1, 2007.

CFO Solutions provides consulting services and temporary
employees to staff CFO and other key financial positions in
companies.  

CFO Solutions proposes the appointment of Ken Nielsen as the
Debtors' chief financial officer.  Mr. Nielsen is expected to
assist the Debtors in financial and general management matters,
including, evaluating and implementing strategic and tactical
options through the restructuring process.

Specifically, Mr. Nielsen will:

     (a) develop and implement cash management strategies
         and reporting protocols;

     (b) develop and evaluate various restructuring
         alternatives and negotiate with key creditors and
         other stakeholders;

     (c) assist in day-to-day oversight and management of
         the Debtors' operations; and

     (d) counsel and assist the Debtors through the marketing
         and sale process, or other reorganization strategies,
         including the identification of the highest and best
         transaction, and to assist with such other matters as
         may be requested that fall within the firm's expertise
         and mutually agreeable.

The Debtors tells the Court that the firm will charge US$150 per
hour.  Of the total amount, Mr. Nielsen will receive US$105
through the Debtors' payroll and US$45 will be paid to the firm.

The Debtors also relates that they agreed to pay the firm an
amount not to exceed 30% of Mr. Nilesen's annual salary, minus
all amounts paid to the firm, as of the date of termination as a
placement fee, if Mr. Nielsen will be terminated prior to the
expiration of the six month term.

Furthermore, the Debtors agreed to pay the firm US$40,000 minus
70% of any severance amounts paid to Mr. Nielsen, if the Debtors
terminate Mr. Nielsen, without cause, or if Mr. Nielsen is
unable to perform the services.

If the Court does not approve the hourly payments to the firm
under the agreement, the Debtors have agreed to compensate the
firm 30% of Mr. Nielsen's annual base salary, as a placement fee
for a chief operating officer.

To the best of the Debtors' knowledge, the Mr. Nielsen holds no
interest adverse to the Debtors' and their estates and is
“disinterested” as that term is defined in Section 101(14) of
the Bankruptcy Code.

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--  
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq. and Arthur J.
Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq.
at Pachulski Stang  Ziehl & Jones LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions, LLC, acts as the Debtors'
claims and noticing agent.  The United States Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on March 12,
2008.  The Debtors' schedules of assets and liabilities showed
total assets of US$9,549,519 and total liabilities of
US$3,018,489.


SCO GROUP: Wants to Employ Tanner LC as Accountants
---------------------------------------------------
The SCO Group Inc. and its affiliate, SCO Operations Inc., seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Tanner LC as their accountants, nunc pro tunc
Oct. 2, 2007.

Tanner LC will perform an audit of the Debtors' consolidated
financial statements for the year ending Oct. 31, 2007, and to
assist the Debtors in reviewing their financial statements and
other documents necessary for the Securities and Exchange
Commission submissions.

Kent M. Bowman, an auditor at Tanner LC tells the Court the
Debtors agreed to pay an estimated amount of approximately
US$196,000.  The firm's reviews of the 10-Q's will bill a fixed
fee of US$22,500 per 10-Q report.  For all other services in
connection with the services rendered, the firm will bill at the
normal customary rate.

To the best of the Debtors' knowledge, the firm is
“disinterested” as that term is defined in Section 101(14) of
the Bankruptcy Code.

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--  
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq. and Arthur J.
Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq.
at Pachulski Stang  Ziehl & Jones LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions, LLC, acts as the Debtors'
claims and noticing agent.  The United States Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on March 12,
2008.  The Debtors' schedules of assets and liabilities showed
total assets of US$9,549,519 and total liabilities of
US$3,018,489.


SOCIEDAD COOPERATIVA; Individual Reports Filing Is on Nov. 12
-------------------------------------------------------------
Tomas Ramon Rivero, the court-appointed trustee for Sociedad
Cooperativa de Arroceros Domingo Faustino Sarmiento Limitada's
bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance in Concepcion del Uruguay, Entre Rios, on
Nov. 12, 2007.

Mr. Rivero verifies creditors' proofs of claim until
Sept. 28, 2007.  He will submit a general report containing an
audit of Sociedad Cooperativa's accounting and banking records
in court on Dec. 26, 2007.

Mr. Rivero is also in charge of administering Sociedad
Cooperativa's assets under court supervision and will take part
in their disposal to the extent established by law.

The debtor can be reached at:

          Sociedad Cooperativa de
          Arroceros Domingo Faustino Sarmiento Limitada
          Posadas y Juan Lacava, Concepcion del Uruguay
          Entre Rios, Argentina


The trustee can be reached at:

          Tomas Ramon Rivero
          3 de Febrero 75, Concepcion del Uruguay
          Entre Rios, Argentina


TELECOM PERSONAL: Launching Network Expansion Works
---------------------------------------------------
Telecom Personal will start network expansion after the
successful initial phase of its Hipuu! WiMAX service network
roll-out, Telecomworldwire reports, citing  WiMAX and broadband
wireless infrastructure products provider Redline Communications
Inc.

Redline Communications told Telecomworldwire that Telecom
Personal chose the firm's WiMAX Forum Certified products for the
Hipuu! network expansion.  Telecom Personal will deploy more
RedMAX products to expand the network to about 10,000
subscribers in 2007.  The expansion of the Asuncion and Great
Asuncion networks will allegedly result in one of the largest
and highest-density WiMAX Forum Certified networks in the world.

According to Telecomworldwire, Telecom Personal installed a
"highest-capacity WiMAX Forum Certified base station in the
first phase of the Hipuu! WiMAX network implementation,
supporting over 250 users per sector controller."

Redline Communications told Telecomworldwire that the ease of
deploying the RedMAX products, alongside network manageability
and provisioning supported by the Redline Management Suite,
allowed "high-density network."

A team which includes Telecom Personal is deploying the second
phase of the firm's WiMAX network to integrate the RedMAX
products into the current Cisco network, Telecomworldwire
states, citing Redline Communications.

Telecom Personal is the wireless provider of Telecom Argentina
SA, providing services in Argentina and Paraguay over a GSM
network.  The company has 7.7 million users, with an estimated
30% market share in Argentina and a customer mix of 66% prepaid
and 34% postpaid as of June 30, 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2006, Fitch Ratings affirmed Telecom Personal SA's
foreign and local currency Issuer Default Rating at 'B', and the
senior unsecured at 'B/RR4', and revised the Rating Outlook of
the international scale IDRs to Positive from Stable.  
Approximately US$200 million in debt is affected by the rating
action.  Fitch has also upgraded the national scale rating of
Personal to 'A(arg)' from 'BBB+(arg)' with a stable rating
outlook.


TRANSPORTES NICOLITA: Trustee Verifies Claims Until Feb. 20
-----------------------------------------------------------
Bertha Amparo Pacheco Perez, the court-appointed trustee for
Transportes Nicolita S.R.L.'s reorganization proceeding,
verifies creditors' proofs of claim until Feb. 20, 2008.

Ms. Perez will present the validated claims in court as
individual reports on April 7, 2008.  The National Commercial
Court of First Instance in San Isidro, Buenos Aires, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Transportes Nicolita and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Transportes
Nicolita's accounting and banking records will be submitted in
court on May 20, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on Nov. 18, 2008.

The debtor can be reached at:

       Transportes Nicolita S.R.L.
       Avellaneda 1216, San Isidro
       Buenos Aires, Argentina

The trustee can be reached at:

       Bertha Amparo Pacheco Perez
       Tres Sargentos 929, Acassuso
       Partido de San Isidro, Buenos Aires
       Argentina


* BUENOS AIRES: Fitch Affirms B Long-Term Foreign & Local IDRs
--------------------------------------------------------------
Fitch Ratings has affirmed the long-term foreign and local
currency Issuer Default Ratings of the City of Buenos Aires
(Argentina) at 'B'.  Likewise, the 'B' rating on Buenos Aires'
euro medium-term note program is affirmed.  The Rating Outlooks
are Stable.

The ratings are supported by strengths in the city's credit
profile, including its large and diversified economy, an
adequate liquidity position and the city's sustainable debt
levels and manageable debt-service repayment schedule.  The
city's creditworthiness is also supported by financial
flexibility, due to the fact that a majority of the city's total
expenditure is financed with local sources (87%), the remainder
coming from federal transfers.  The city's finances were in
balance over 2002-05.  However, in 2006 a deficit of US$186
million was generated.  This was due to the fact that the growth
in operating expenses of 25% exceeded revenue growth of 12%.  In
the year to June 2007, this tendency continued with a financial
deficit of US$86 million.

A new mayor, Mauricio Macri, was elected, due to take over in
December from outgoing acting mayor, Jorge Telerman.  Fitch does
not anticipate material changes to fiscal policy or debt
management at this time.  Growth in infrastructure spending is
expected, which Fitch believes will be comfortably financed.

Considering the fiscal slippage in 2006 and the first half of
2007, an adjustment to the 2007 budget was made in order to put
finances in overall balance including interest but not
amortization.  The 'adjusted' 2007 budget reflects a current
result of US$437 million, with a negative operating result, of
minus US$32 million.  The financial result is estimated to be
negative, minus US$228.7 million, or 7.2 % of total revenues.  
Nevertheless, the city expects to close the year in balance,
taking into account further capital expenditure adjustments and
using the accumulated cash position of US$145.5 million.

After the crisis and debt restructuring in 2002 the city has
cautiously managed its finances. Debt payments have been made in
a timely fashion since the restructuring, notably during 2006
and 2007, years of the highest amortization payments.  This is
reflected in the improvement of the debt ratios in recent years.  
The total debt/revenues ratio has been improving, falling from
32.7% in 2005 to 25.9% in 2006 and 17.5% as of June 2007.  This
is a favorable ratio compared with the average of Argentine
provinces.




=============
B A H A M A S
=============


CENVEO INC: Reports US$3.0 Million Net Income in Third Quarter
--------------------------------------------------------------
Cenveo, Inc. has reported net income of US$3.0 million, or
US$0.06 per diluted share for the quarter ended Sept. 30 2007,
as compared to net income of US$11.6 million, or US$0.21 per
diluted share, in 2006.

The third quarter 2007 results included a loss from discontinued
operations of US$0.8 million, as compared to income from
discontinued operations of US$2.3 million in the same period of
2006.  Third quarter 2007 results also included restructuring
and impairment charges of US$20.3 million, as compared to
restructuring and impairment charges of US$4.7 million in the
same period of 2006.  The restructuring and impairment charges
in the third quarter of 2007 primarily relate to the closure of
certain businesses that were contemplated as a part of the
recent acquisition activity.  Net sales for the quarter
increased approximately 43% to US$551 million from US$384
million in the same period of 2006, primarily due to the
acquisitions of Printegra, Cadmus, ColorGraphics, and Commercial
Envelope that we completed in 2007.
    
Non-GAAP income from continuing operations totaled US$20.4
million, or US$0.37 per diluted share, in the third quarter of
2007, as compared to US$14.9 million, or US$0.27 per diluted
share, in the third quarter of 2006.  Non-GAAP income from
continuing operations excludes integration costs, restructuring
and impairment charges, (gain) loss on sale of non-strategic
businesses, loss on early extinguishment of debt, and income tax
(expense) benefit.  A reconciliation of income from continuing
operations to non-GAAP income from continuing operations and the
related per share data is presented in the attached tables.
    
Operating income totaled US$30.0 million in the third quarter of
2007, as compared to US$25.0 million in the third quarter of
2006.  Non-GAAP operating income in the third quarter of 2007
was US$50.8 million, which produced a 9.2% margin, reflecting
the continued benefits of the cost savings, restructuring and
integration plans and productivity efforts.  Non-GAAP operating
income excludes integration costs and restructuring and
impairment charges.  A reconciliation of operating income to
non-GAAP operating income is presented in the attached tables.
    
Adjusted EBITDA in the third quarter of 2007 was US$70.7
million, as compared to US$41.0 million in the same period last
year, an increase of approximately 72%.  Adjusted EBITDA is
defined as earnings before interest, taxes, depreciation and
amortization, excluding integration costs, restructuring and
impairment charges, (gain) loss on sale of non-strategic
businesses, divested operations EBITDA, loss on early
extinguishment of debt, stock-based compensation provision, and
income (loss) from discontinued operations. An explanation of
the company's use of Adjusted EBITDA is detailed below, and a
reconciliation of net income to Adjusted EBITDA is presented in
the attached tables.
    
For the first nine months of 2007, the company reported net
income of US$24.5 million, or US$0.45 per diluted share, as
compared to net income of US$90.7 million, or US$1.70 per
diluted share, in the first nine months of 2006.  The results
for the first nine months of 2007 included income from
discontinued operations of US$15.1 million, as compared to
income from discontinued operations of US$136.1 million in the
same period of 2006, primarily relating to our sale of Supremex.  
The first nine months of 2007 results included restructuring and
impairment charges of US$32.1 million, as compared to
restructuring and impairment charges of US$35.4 million in the
same period of 2006.  Net sales for the first nine months of
2007 increased approximately 30% to US$1.46 billion from US$1.13
billion in 2006, primarily due to the acquisitions of Cadmus and
Printegra, which both closed in the first quarter of 2007 and
ColorGraphics and Commercial Envelope, which both closed in the
third quarter of 2007.
    
Non-GAAP income from continuing operations for the first nine
months of 2007 totaled US$46.7 million, or US$0.85 per diluted
share, as compared to US$28.3 million, or US$0.52 per diluted
share, in the first nine months of 2006.  Non-GAAP income from
continuing operations excludes integration costs, restructuring
and impairment charges, (gain) loss on sale of non-strategic
businesses and loss on early extinguishment of debt.  A
reconciliation of income (loss) from continuing operations to
non-GAAP income from continuing operations and the related per
share data is presented in the attached tables.
    
Operating income was US$88.3 million for the first nine months
of 2007, as compared to US$40.6 million during the same period
in 2006.  Non-GAAP operating income in the first nine months of
2007 was US$121.4 million, which produced an 8.3% margin,
reflecting the continued benefits of our cost savings,
restructuring and integration plans.  Non-GAAP operating income
excludes integration costs and restructuring and impairment
charges.  A reconciliation of operating income to non-GAAP
operating income is presented in the attached tables.
    
Adjusted EBITDA for the first nine months of 2007 was US$172.9
million, as compared to US$111.2 million in the same period last
year, an increase of 55%.  Adjusted EBITDA is defined as
earnings before interest, taxes, depreciation and amortization,
excluding integration costs, restructuring and impairment
charges, (gain) loss on sale of non-strategic businesses,
divested operations EBITDA, loss on early extinguishment of
debt, stock-based compensation provision, and income (loss) from
discontinued operations.  
    
Robert G. Burton, Chairman and Chief Executive Officer stated:
"Cenveo delivered another outstanding performance during the
third quarter.  These strong results were driven by a
combination of solid performance across our business units, a
strong focus on costs, and the benefits from the integration
efforts for our recent acquisitions.  These efforts combined
with a strengthened focus on productivity and efficiency efforts
allowed us to increase our non-GAAP operating margin to 9.2%
during the quarter, well ahead of last year's 7.7%, and deliver
almost US$71 million in adjusted EBITDA.  I am very pleased with
our strong generation of cash from continuing operations of over
US$21.3 million during the quarter and US$60.0 million during
the first nine months, representing a US$76.5 million year to
date improvement compared to 2006.  I believe that these results
demonstrate the company's strategy is working by delivering
strong financial performance, strong cash flow and giving Cenveo
the ability to invest in growth opportunities to increase
shareholder value."
    
Mr. Burton continued:  "We have worked hard in the third quarter
integrating our two most recent acquisitions and focusing on
improving our core operations.  The integration of the
acquisitions has allowed us to take swift and aggressive actions
designed to drive incremental improvements to our platform by
focusing on consolidating overlapping facilities, and
eliminating duplicate headcount and systems.  We have
streamlined our operations and are now offering our customers
the benefits of our expanded business platform.  We are doing
this while improving our cost structure, expanding our sales
initiatives, increasing productivity and reducing waste.  I am
very pleased with the progress of the integration efforts to
date for the four acquisitions we completed this year, and I am
convinced that we are well positioned for the future."

Mr. Burton concluded: "As we enter the fourth quarter and look
to finish 2007 on a positive note, I can assure you that we are
extremely focused on delivering our fourth quarter and full year
financial commitments.  We will continue to focus on delivering
strong free cash flow and using these funds to service our debt
and invest in the future growth of our business through capital
expenditures and strategic acquisitions.  I am also pleased with
the sales momentum that we are seeing in the marketplace.  We
believe we are becoming the printer of choice in the markets we
serve.  I am very pleased with our third quarter results, the
fourth quarter looks promising, and I will communicate our
revised guidance on the call tomorrow."

                         About Cenveo

Cenveo Inc. -- http://www.cenveo.com/-- (NYSE:CVO),  
headquartered in Stamford, Connecticut, is a leader in the
management and distribution of print and related products and
services.  The company provides its customers with low-cost
solutions within its core business of commercial printing and
packaging, envelope, form, and label manufacturing, and
publisher services; offering one-stop services from design
through fulfillment.  With over 10,000 employees worldwide,
Cenveo delivers everyday for its customers through a network of
production, fulfillment, content management, and distribution
facilities across the globe.

Cenveo acquired Cadmus Communications in a merger completed on
March 2007.  The company has operations in the US, India and the
Caribbean Rim, particularly in the Bahamas, Cuba, Jamaica,
Haiti, Dominican Republic, Puerto Rico, and Belize.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 17, 2007, Moody's Investors Service affirmed the B1
corporate family rating and B1 probability of default rating for
Cenveo Inc. following the acquisitions of Commercial Envelope
Manufacturing Inc. for about US$230 million and Madison/Graham
ColorGraphics, Inc. for about US$105 million.  The rating
outlook remains negative.

Moody's also upgraded the secured bank facility rating to Ba2
from Ba3.  Bank lenders now benefit from a more substantial
layer of junior capital due to the US$175 million unsecured loan
(unrated) issued to partially fund the Commercial Envelope
acquisition.  Secured bank debt now comprises only about half of
the liabilities in Moody's Loss Given Default waterfall,
compared to about 60% prior to the Commercial Envelope funding.




=============
B E R M U D A
=============


ANNUITY & LIFE: Posts US$88-Mln Net Loss in Qtr. Ended Sept. 30
---------------------------------------------------------------
Annuity and Life Re (Holdings) Ltd. reported financial results
for the three months ended Sept. 30, 2007.

The company incurred a net loss from continuing operations of
US$88 million for the three months ended Sept. 30, 2007, as
compared to a net loss from continuing operations of US$212.2
million for the same period in 2006.

On Aug. 8, 2007, the Company announced that it had reached an
agreement to sell its U.S. domiciled insurance company, Annuity
& Life Reassurance America, Inc. to an unrelated third party.  
The sale transaction is subject to regulatory approval and is
expected to close prior to March 31, 2008.

Upon the closing of the sale transaction, the company expects to
dissolve its U.S based holding company, Annuity & Life Re
America, Inc. Accordingly, the company has recorded the
operating results of both of its U.S. based subsidiaries as
discontinued operations.  The company’s continuing operations
consists of its Bermuda based operations, Annuity & Life Re
(Holdings), Ltd. and Annuity & Life Reassurance, Ltd.

The company had US$3,323 in investment gains from continuing
operations during the three months ended Sept. 30, 2007,
compared to a loss of US$(73,795) for the same period in 2006

The Company has reported a loss on the sale transaction of
Annuity & Life Reassurance America, Inc., its U.S based
insurance company of approximately US$1 million and
approximately US$0.6 million for the costs associated with the
dissolution of its U.S based holding company, Annuity & Life Re
America, Inc.

The dispute with Transamerica concerning an Agreement to novate
certain reinsurance contracts to Transamerica effective
Dec. 31, 2004, remains unresolved.  The Company has been unable
to resolve the dispute through negotiations.  The arbitration
hearing has been rescheduled for the week of March 17, 2008.

Annuity and Life Re (Holdings), Ltd. -- http://www.alre.bm/or   
http://www.annuityandlifere.com/-- provides annuity and life   
reinsurance to insurers through its wholly owned subsidiaries,
Annuity and Life Reassurance, Ltd., and Annuity and Life
Reassurance America, Inc.

                    Going Concern Doubt

Chartered Accountants of Hamilton, Bermuda, raised substantial
doubt about Annuity and Life Re (Holdings), Ltd.'s ability to
continue as a going concern after it audited the company's
annual report for 2004.  The auditor pointed to the company's
significant losses from operations and experience of liquidity
demands.


FOSTER WHEELER: Earns US$129.1 Million in Third Quarter of 2007
---------------------------------------------------------------
Foster Wheeler Ltd. reported third-quarter 2007 net income of
US$129.1 million compared to net income of US$75.8 million in
the third quarter of 2006.  Net income in both quarterly periods
was impacted by certain non-operating items, most notably gains
on asbestos-related insurance receivables, as detailed in the
attached table.  Excluding such items from both quarterly
periods, adjusted net income in the third quarter of 2007 was a
record US$120.5 million compared with US$54.6 million in the
third quarter of 2006.

Third-quarter 2007 consolidated EBITDA (earnings before interest
expense, income taxes, depreciation and amortization) was a
record US$179.0 million, compared with US$95.1 million in the
third quarter of 2006.  EBITDA in both quarterly periods was
also impacted by certain non-operating items, most notably gains
on asbestos insurance receivables.  Excluding such items from
both quarterly periods, EBITDA in the third quarter of 2007 was
US$170.3 million, compared with US$73.8 million in the third
quarter of 2006.

Commenting on the company’s results for the third quarter of
2007, Foster Wheeler Chairman and Chief Executive Officer
Raymond J. Milchovich said, “In an environment of extremely
favorable market conditions, both of our business groups
executed contracts very effectively and met or exceeded client
expectations on a wide range of large and complex projects.  Our
Global Power Group reported EBITDA that was almost triple that
of the year-ago quarter, and our E&C group generated a record-
level of scope new orders booked and a near-record level of
EBITDA.”

Mr. Milchovich added, “We continue to see an ongoing need for
significant investment in the major markets we serve.  We saw
abundant evidence of this in our third-quarter bookings, which
included a very large engineering, procurement, and construction
(EPC) contract for a world-class petrochemical facility in
Singapore, a front-end engineering design (FEED) contract for
another petrochemical complex in Qatar as well as a number of
major boiler contracts in our Global Power Group.

“Our optimism about the company’s future was signaled today in a
separate announcement regarding a planned 2-for-1 stock split of
our common shares, subject to shareholder approval of an
increase in the number of authorized shares,” said Mr.
Milchovich.

                     About Foster Wheeler

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--  
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
Standard & Poor's Ratings Services revised its outlook on Foster
Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the company.  The company had
about US$217 million of total debt at Sept. 29, 2006.


FOSTER WHEELER: Board Okays Two-for-One Stock Split
---------------------------------------------------
Foster Wheeler Ltd.'s board of directors has approved a two-for-
one stock split of its common shares, subject to shareholder
approval of an increase in the number of its authorized common
shares.

The increase in the number of authorized common shares is to be
voted upon at a special general meeting of shareholders
tentatively scheduled for Jan. 8, 2008.  The date of the special
general meeting of shareholders is tentative until the company’s
definitive proxy statement is mailed to shareholders, which is
expected to occur in early December 2007.

“The company is on pace to report record-setting financial
results again in 2007,” said Chairman and Chief Executive
Officer Raymond J. Milchovich.  “The markets we serve remain
very strong, and we anticipate entering 2008 with operating
momentum.  Therefore, the stock split should be viewed as an
indication of our confidence in the outlook for Foster Wheeler.”

The stock split will be effected in the form of a stock dividend
of one additional Foster Wheeler common share in respect of each
common share outstanding on the record date for the stock
dividend, which will be the same date as the special general
meeting of shareholders.

The company will seek shareholder approval to double the number
of its authorized common shares.

                    About Foster Wheeler

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--  
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
Standard & Poor's Ratings Services revised its outlook on Foster
Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the company.  The company had
about US$217 million of total debt at Sept. 29, 2006.


SCOTTISH RE: Incurs US$107.1 Million Net Loss in 2007 Third Qtr.
----------------------------------------------------------------
Scottish Re Group Limited posted a net loss of US$107.1 million
for the three months ended Sept. 30, 2007, compared to a net
loss of US$27.5 million for the prior year period.

Related to the realized losses on investments, US$95.3 million
of the US$102.0 million was recognized in connection with
impairment charges for subprime and Alt-A residential mortgage
securities. In arriving at the impairment charges, we conducted
extensive analysis in accordance with U.S. Generally Accepted
Accounting Principles (U.S. GAAP).  As part of that analysis and
in conjunction with the company's third party asset managers,
the company performed detailed cash flow simulations on each of
the company's subprime and Alt-A securities stressing multiple
variables -- including prepayment speeds, default rates and loss
severity.  As a result, US$54.2 million of the realized losses
relates to securities for which the company has projected a
principal loss and US$41.1 million relates to securities for
which the company currently expects to receive full interest and
principal.  U.S. GAAP requires the company to impair to market
value certain recently downgraded securities held in its
securitization structures, because it can no longer prove its
ability to hold the securities to recovery of amortized cost, as
is the company's intent.

The company also incurred a US$14.8 million charge in the
quarter representing a change, net of deferred acquisition
costs, in the value of embedded derivatives due to a shift in
the yield curve used to value the derivatives.  These embedded
derivatives relate to its funds withheld at interest on modified
coinsurance treaties.

Third quarter operating income was US$1.6 million, an increase
of US$1.4 million over the prior year period.  Operating income,
excluding the impact of one-time items, was driven by solid
results in our core North America business, improving
performance in our International growth platforms and lower
Corporate expenses.

As of Sept. 30, 2007 the Company had shareholders’ and mezzanine
equity of US$1.4 billion and available liquidity of US$468.0
million.  Fully diluted book value per ordinary share was
US$6.17 as of Sept. 30, 2007.

George Zippel, President and Chief Executive Officer of Scottish
Re, commented, ”The third quarter, my first with Scottish Re,
was a challenging one and the results highlight both the risks
and opportunities facing the Company.  On one hand, we delivered
positive pre-tax operating income – the first time in four
quarters that we’ve done that – driven by improved performance
in our in-force books of business.  On the other hand, we
incurred significant realized losses reflecting our sizable
subprime exposure.  Our subprime impairment analysis was
rigorous and represents our best estimate of the current impact
of the subprime market on our investment portfolio.  It should
be noted however, that if the assumptions underlying our
analysis prove to be inaccurate, the projected principal losses
and associated asset impairments will vary from our current
view.”

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a    
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

On June 30, 2007, Scottish Re reported total assets of USUS$13.6
billion and shareholder's equity of USUS$1.2 billion.

                           *    *    *

As reported in the Troubled Company Reporter-Latin America on
Aug. 27, 2007, Moody's Investors Service affirmed the ratings of
Scottish Re Group Limited, with the outlook changed to stable
from positive, including its Senior unsecured shelf of (P)Ba3;
its subordinate shelf of (P)B1; its junior subordinate shelf of
(P)B1; its preferred stock of B2; and its preferred stock shelf
of (P)B2.




=============
B O L I V I A
=============


GOL LINHAS: Earns US$26 Million in Third Quarter
------------------------------------------------
Gol Linhas Aereas Inteligentes SA, the second-biggest airline in
Latin America, has reported third quarter financial results.

Although the airline managed to post profits of US$26 million
for the quarter, the result is 76% lower compared to the same
period last year.  Gol's profit, according to Comtex, represents
a 3.5% margin.  

The company in a statement attributed the decline in net income
to the Brazilian authorities imposition of flight curbs due to
the two fatal accidents in the country this year.  Passenger
level has also lowered because the flight curbs are causing
delays and cancellations.

Reuters says the profit decline is due to higher operational
costs caused by increases in jet fuel prices, aircraft leasing
fees and personnel expenses.  The flight delays and
cancellations have indirectly caused operational expenses to
double.

"The airport traffic reduces demand and increases costs for
companies," analyst Caio Pereira Dias at Banco Santander Central
Hispano SA in Sao Paulo was quoted by Bloomberg News as saying.  
"The government needs to increase airport capacity."

Bloomberg adds that for the fifth time this year, Gol has cut
profit forecast to BRL1.4 to BRL1.8 per share.

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4)
-- http://www.voegol.com.br/-- through its subsidiary, GOL
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.
The company was founded in 2001.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2007, Fitch Ratings has affirmed the 'BB+' foreign and
local currency issuer default ratings of Gol Linhas Aereas
Inteligentes S.A.  Fitch has also affirmed the outstanding
US$200 million perpetual bonds and US$200 million of senior
notes due 2017 at 'BB+' as well as the company's 'AA-' (bra)
national scale rating.  Fitch said the rating outlook is stable.




===========
B R A Z I L
===========


ACTUANT CORP: R. Alan Hunter Joins Board of Directors
-----------------------------------------------------
Actuant Corporation has appointed R. Alan Hunter to the
company's Board of Directors, effective immediately.

Mr. Hunter is a retired executive from The Stanley Works where
he had served as President and Chief Operating Officer from
1993-1997 as well as Vice President Finance and Chief Financial
Officer from 1986-1993.  He joined Stanley in 1974 and prior to
that time was an Officer in the United States Navy.  Mr. Hunter
has been involved in several business and community
organizations since retiring from Stanley in 1997.

Commenting on the announcement, Bob Arzbaecher, Actuant’s
Chairman and CEO, said, “We are pleased to announce the addition
of Alan to Actuant’s Board of Directors.  His broad experience
in operations and finance, as well as his industrial tool and
home center market background, nicely complements the Actuant
portfolio of businesses.  The rest of the Board and I look
forward to his contributions and counsel on the various
opportunities awaiting Actuant.”

Actuant also announced that Kathleen Hempel will be retiring
from the Board at the Company’s Annual Meeting of Shareholders
in January 2008.  Arzbaecher commented, “Kathy has been a member
of our Board since 2001.  Since that time, Actuant has grown
significantly, both in terms of internal growth and
acquisitions.  I am grateful for her dedication, integrity and
leadership during this period of growth for Actuant and,
speaking on behalf of the entire Board, we will miss her insight
and passion for the business.”

                      About Actuant Corp.

Headquartered in Butler, Wis., Actuant Corp. (NYSE: ATU) --
http://www.actuant.com/-- is a diversified industrial company  
with operations in more than 30 countries including Australia,
China, Italy, United Kingdom, Brazil, among others.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  The company employs a workforce of more
than 6,700 worldwide.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 6, 2007, Moody's Investors Service assigned a Ba2 (LGD3,
43%) rating to Actuant Corporation's USUS$250 million senior
unsecured notes and affirmed the company's Ba2 Corporate Family
Rating.

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed USUS$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


AMERICAN TOWER: Third Qtr. Net Income Up to US$59.6 Mil. in 2007
----------------------------------------------------------------
American Tower Corporation earned net income of US$59.6 million
for the three months ended Sept. 30, 2007, compared to net
income of US$3.4 million for the same period in 2006.  Net
income for the quarter ended Sept. 30, 2007, includes a US$41.7
million income tax benefit related to the realization of future
usage of state net operating losses.

Jim Taiclet, American Tower’s Chief Executive Officer stated,
“Continued robust demand for tower space and diligent
operational execution by our managers and employees enabled
American Tower to deliver another quarter of double digit
revenue and Adjusted EBITDA growth.  We expect a strong finish
for the year, as reflected in our increased 2007 guidance for
tower revenue, and anticipate that the favorable leasing
environment will extend through 2008.

“Strategically, we still seek to add high quality assets to our
portfolio while maintaining our track record of investment
discipline, both in the US and in selected high growth markets
abroad.  At the same time, our generation of significant cash
from operations and rising Adjusted EBITDA enables American
Tower to continue our substantial share repurchase program.”

            Third Quarter 2007 Operating Highlights

Total revenues increased 10% to US$367.6 million and rental and
management segment revenues increased 10% to US$358.6 million.  
Rental and Management Segment Gross Margin increased 13% to
US$278.3 million and services segment revenue and Gross Margin
increased to US$9.0 million and US$4.1 million, respectively.  
Rental and management segment revenue and Gross Margin include
approximately US$4.3 million and US$7.2 million, respectively,
of one-time positive items, for the quarter ended
Sept. 30, 2007.

Total selling, general, administrative and development expense
was US$49.0 million.  The company’s selling, general,
administrative and development expense for the quarter includes
stock-based compensation expense of US$15.3 million and US$6.1
million of additional costs related to the review of the
company’s historical stock option granting practices, related
legal and governmental proceedings and other related costs.  
Including these costs related to the stock option review and the
one-time positive items noted above, Adjusted EBITDA increased
14% to US$248.6 million and Adjusted EBITDA margin was 68%.

Free Cash Flow was US$142.3 million, consisting of US$181.6
million of cash provided by operating activities, less US$39.4
million of payments for purchases of property and equipment and
construction activities, including US$19.2 million of
discretionary capital spending.  The company completed the
construction of 42 towers and the installation of 6 in-building
systems during the quarter and spent approximately US$10.6
million on ground lease purchases.

                  Stock Repurchase Program

During the quarter ended Sept. 30, 2007, the company repurchased
a total of 8.2 million shares of its Class A common stock for
approximately US$339 million.  As of Oct. 25, 2007, the company
had repurchased pursuant to its publicly announced stock
repurchase programs an aggregate of 46.8 million shares of its
Class A common stock for approximately US$1,773 million since
November 2005, which includes the repurchase of 2.9 million
shares of its Class A common stock for approximately US$125
million during the period Oct. 1, 2007 to Oct. 25, 2007.  The
company expects to complete the remaining US$477 million of
stock repurchases pursuant to its current US$1.5 billion stock
repurchase program by the end of February 2008.

               International Expansion Update

The company announced that Steven Marshall had joined the
company as Executive Vice President, International Business
Development.  In this role, Mr. Marshall will be responsible for
developing international business opportunities and will report
directly to the Company’s Chief Executive Officer, Jim Taiclet.

Jim Taiclet said, “Steve Marshall is a tremendous addition to
our executive management team -- a truly unique talent, having
both led a major multinational tower company and successfully
driven significant business development initiatives during his
career in all of the regions that we are exploring for possible
expansion.  I am truly excited to have Steve join our senior
management team.”

Mr. Marshall comes to American Tower from National Grid Plc,
where he served in a number of leadership and business
development positions since 1997.  Between 2003 and 2007, Mr.
Marshall was Chief Executive Officer, National Grid Wireless,
where he led National Grid’s wireless tower infrastructure
business in the United States and United Kingdom.  In addition,
during his tenure at National Grid, as well as at Costain Group
Plc and Tootal Group Plc, he led operational and business
development efforts in Latin America, India, Southeast Asia,
Africa and the Middle East.

                    About American Tower

Headquartered in Boston, American Tower Corporation (NYSE: AMT)
-- http://www.americantower.com/-- owns, operates and develops  
broadcast and wireless communications sites.  American Tower
owns and operates over 22,000 sites in the United States, Mexico
and Brazil.  Additionally, American Tower manages approximately
2,000 revenue producing rooftop and tower sites.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2007, Fitch Ratings assigned a 'BB+' rating to
American Tower Corporation's proposed ten-year US$250 million
senior unsecured notes.  Fitch also rated AMT's Issuer Default
Rating at 'BB+'.  Fitch said the rating outlook is stable.


BASELL AF: S&P Holds BB- Corp. Credit Rating on Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services' 'BB-' long-term corporate
credit rating on Basell AF S.C.A. remains on CreditWatch with
negative implications, where it was placed on June 26, 2007,
following the company's announcement that it will acquire
Lyondell Chemical Co. (BB-/Watch Neg/B-1) and its related
entities Equistar Chemicals L.P. (BB-/Watch Neg/B-1) and
Millennium Chemicals Inc. (B+/Watch Neg/--).
     
"We plan to lower the corporate credit rating on Basell to 'B+'
with a stable outlook on completion of the transaction, expected
at about the end of the year, and on successful execution of the
planned refinancing," said S&P's credit analyst Tobias Mock.  
"We will equalize the ratings on the other entities with those
on Basell."
     
Nevertheless, all ratings remain on CreditWatch negative for
now, as the transaction is still subject to Lyondell
shareholders' approval on Nov. 20, 2007, and there could be
changes to the proposed financial structure (US$14.6 billion in
term-loan and asset-backed facilities and US$8 billion in
second-lien notes and senior unsecured debt), which could affect
credit quality.
     
"The expected downgrade reflects the substantial increase in
financial debt following the acquisition, as it will be 100%
debt financed and result in a highly leveraged structure at a
mature stage in the petrochemical cycle," said Mr. Mock.
     
S&P considers that the company's business risk following the
acquisition will benefit from a better product and geographic
mix.  It will have a strong backward integration and cost
structure for a Europe- and North America-based petrochemical
producer, strengthened market positions in polyolefins, and is
likely to benefit from sizable synergies.
     
Nonetheless, the company remains highly sensitive to cyclical
businesses, and the petrochemical cycle will remain a dominant
factor in guiding the company's cash flow generation.  Owing to
new capacity from the Middle East and Asia, S&P expects
operating rates for ethylene, polyethylene, and polypropylene to
decline from 2009 and consider that the peak in the industry
cycle has already passed.
     
Furthermore, the refinery business, which follows a different
supply-and-demand cycle, is also expected to weaken from the
currently strong levels, and will therefore offer only a partial
hedge in the downturn.
     
Following completion of the merger with Lyondell, Basell plans
to change its name to LyondellBasell Industries.  The new
company will have pro forma sales of about US$41 billion, making
it the world's third-largest chemical company by sales.
     
The company's new financial structure will have an estimated
US$23.5 billion of unadjusted debt and a combined pro forma
EBITDA of about US$5.2 billion, resulting in debt to EBITDA of
about 4.5.
     
                         About Basell

Headquartered in The Netherlands, Basell AF SCA --
http://www.basell.com/-- is the producer of polypropylene and  
advanced polyolefins products, a leading supplier of
polyethylene and catalysts, and a global leader in the
development and licensing of polypropylene and polyethylene
processes.  The company, together with its joint ventures, has
manufacturing facilities around the world and sells products in
more than 120 countries.  With research and development
activities in Europe, North America and the Asia-Pacific region,
Basell is continuing a technological heritage that dates back to
the beginning of the polyolefins industry.  In 2006, the company
reported revenues of EUR10.5 billion and EBITDA of EUR1.1
billion.

Basell has regional offices in Belgium, Germany, the United
States, Brazil and Hong Kong, as well as sales offices in the
major markets around the globe.


BRA TRANSPORTES: Lays Off Workers Due to Financial Problems
-----------------------------------------------------------
BRA (fka Brasil Rodo Aereo) Transportes Aereos, the third-
biggest airline in Latin America's biggest economy, has
temporarily stopped operations and purloughed about 1,100
employees as a result of financial difficulties, various reports
say.

The Financial Times recalls that it's only a year since Brazil's
aviation industry faced the near-collapse of Varig, once the
country's flag carrier.

This latest development is expected to create further problems
for aviation authorities and the airline industry as a whole,
Reuters says.

BRA Transpostes hopes that the suspension of its operations
would be temporary as it seeks cash infusion from investors,
Aero-News adds.  It currenlty flies to 26 local and three
international routes, with a 10-fleet comprised of Boeing 737s
and 767s.  Its current market share is at 4.6%.

The country's aviation industry is already facing a crisis due
to two fatal crashes this year that killed hundreds.  As a
result, flights were curbed, resulting to delays and
cancellations.  With BRA's flight suspensions, travelers will
experience additional travel difficulties.

Meanwhile, BRA's announcement has put Embraer in a difficult
position.  The beleaguered airline ordered in June 20 passenger
jets for US$736 million as part of a business plan to capture a
bigger market share, according to Dow Jones Newswires.

Embraer, the biggest manufacturer of 120-seater commercial jets,
said in a press statement that it is carefully following the
matter as events unfold and "any developments, which may arise
will not have a negative effect on delivery forecasts previously
disclosed by the company."

Based in Sao Pauolo, Brazil, BRA Transportes Aereos is a
currently grounded low-fare airline with 26 domestic and three
international routes.  It started operations in 1999 as a
domestic charter airline and transformed into a low-fare carrier
in March 2006.


BRA TRANSPORTES: CEO Humberto Folegatti Resigns
-----------------------------------------------
Chief Executive Officer Humberto Folegatti has resigned from his
post at BRA Transportes Aereos, which has currently suspended
operations due to financial problems, according to a statement
from the airline.

Local reports say that the company's board of directors has been
pushing him to resign.  Humberto Folegatti and his brother
Walter were the founders of the airline.  

According to Reuters, the Folegattis sold in December 2006 a 20%
stake in the airline to a group of investors composed of:

-- Goldman Sachs (GS.N: Quote, Profile, Research),
-- Bank of America (BAC.N: Quote, Profile, Research),
-- Gavea Investimentos,
-- the hedge fund of former Brazilian central bank
    governor Arminio Fraga,
-- Darby Investments, the firm founded by former U.S.
           Treasury Secretary Nicholas Brady.

Based in Sao Pauolo, Brazil, BRA Transportes Aereos, due to
financial difficulties, is a currently grounded low-fare airline
with 26 domestic and three international routes.  It started
operations in 1999 as a domestic charter airline and transformed
into a low-fare carrier in March 2006.


DELPHI CORP: Wants to Use US$4.4-Bil. DIP Loan Until Sept. 2008
---------------------------------------------------------------
Delphi Corp. and its debtor-affiliates are seeking the approval
of the U.S. Bankruptcy Court for the Southern District of New
York to extend its US$4.5 billion bankruptcy loan for five
months to June 28, 2008, with an option to further extend to
Sept. 30, 2008, to give it more time to exit Chapter 11
protection after changing the terms of its reorganization plan.

As reported in the Troubled Company Reporter on Jan. 9, 2007,
the Debtors obtained U.S. Bankruptcy Judge Robert D. Drain's
approval to enter into a postpetition financing facility with
JPMorgan Chase Bank, N.A., the administrative agent for certain
lenders.  The DIP Facility, among other things, refinanced both
the US$2 billion first amended DIP credit facility arranged by
J.P. Morgan Securities Inc., Citigroup Global Markets, Inc., and
Deutsche Bank Securities Inc. in Nov. 21, 2005, and the
approximate US$2.5 billion outstanding on the US$2,825,000,000
credit facility obtained by the Debtors before the Petition
Date.  The DIP facility consists of:

     Tranche   Commitment
     -------   ----------
       A       US$1.75 billion first priority revolving credit
               facility

       B       US$250.00 million first priority term loan

       C       US$2.50 billion second priority term loan

The DIP Facility, on its current terms, matures on the date of
the earlier of (i) Dec. 31, 2007 or (ii) the date of the
substantial consummation of a reorganization plan that is
confirmed pursuant to an order of the Court.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, tells the Court that the
maturity date of the existing credit facility must be extended
in light of the Debtors' timetable of emerging from bankruptcy
by the end of the first quarter of 2008.  Delphi had earlier
planned to emerge from Chapter 11 by the end of 2007.

The Debtors and the DIP Lenders have negotiated and entered into
an amendment to DIP Credit Agreement.  The key modifications
achieved as a result of the amendments are:

                Current DIP              Amended And Restated
                Credit Agreement         DIP Credit Agreement
                ----------------         --------------------
Maturity Date   Earlier of               Earlier of
                (i) Dec. 31, 2007 and    (i) June 30, 2008, with                 
                (ii) substantial         option to further  
                consummation of plan     extend to Sept. 30,
                                         2008 if Delphi pays  
                                         an amount equal to
                                         25 basis points of the
                                         Tranche A commitment,
                                         the Tranche B loan,
                                         and the Tranche C loan
                                         and (ii) substantial
                                         consummation of plan
                                                                                  
Add'l Interest  Tranche A               Prior to July 1, 2008
on JP Morgan's    Borrowings: 1.50%     Tranche A
Alternate       Tranche B                 Borrowings: 1.75%
Rate              Borrowings: 1.25%     Tranche B   
                Tranche C                 Borrowings: 1.75%
                  Borrowings: 1.75%     Tranche C
                                          Borrowings: 2.25%

                                        From & after July 1,
                                          2008
                                        Tranche A
                                          Borrowings: 2.00%
                                        Tranche B
                                          Borrowings: 2.00%
                                        Tranche C
                                          Borrowings: 2.50%
                      
Add'l Interest  Tranche A               Prior to July 1, 2008
on LIBOR          Borrowings: 2.50%     Tranche A  
                Tranche B                 Borrowings: 2.75%
                  Borrowings: 2.25%     Tranche B   
                Tranche C                 Borrowings: 2.75%
                  Borrowings: 2.75%     Tranche C
                                          Borrowings: 3.25%

                                        From & after July 1,
                                          2008
                                        Tranche A
                                          Borrowings: 3.00%
                                        Tranche B
                                          Borrowings: 3.00%
                                        Tranche C
                                          Borrowings: 3.50%

Global EBITDAR  For each rolling 12     For each rolling 12   
Covenants       fiscal month period     fiscal month period
                ending on the last      ending on the last day
                day of the months       of the months Dec. 31,
                March 31, 2007          2007 through Aug. 31,
                through Nov. 30, 2007   2008 with a global
                with a global EBITDAR   EBITDAR ranging from
                ranging from            US$475 million to                    
                     
                US$130 million to         US$500 million
                US$375 million                        
                
PBGC            -- None--               DIP Lenders consent to
Replacement                             consummation of
Liens                                   transactions authorized
                                        under DASHI
                                        Intercompany
                                        Transfer Order

The proposed Amended and Restated DIP Credit Agreement contains
fee provisions, including, among other things, certain
commitment fees and letter of credit fees.  

Other fee provisions are contained in a separate fee letter,
which the parties have agreed would be kept confidential.  The
fee letter will be provided, upon request, to counsel to the
Statutory Committees and the U.S. Trustee and will be made
available to the Court for review.

The Debtors also propose that they be authorized, but not
directed, to perform, and take all actions necessary to make,
execute, and deliver the Amendment together with all other
documentation executed in connection therewith and to pay the
related fees.

A copy of the form of Amendment to the DIP Facility is available
for free at http://bankrupt.com/misc/Delphi_Amended_DIP_Facility

           DIP Lenders Consent to Intercompany Transfer

As previously reported, the Debtors obtained the Court's
approval (i) for Delphi Automotive Systems (Holding), Inc., to
effectuate the transfer funds accumulated from certain of its
global affiliates to Delphi Automotive Systems LLC; and (ii) use
the proceeds of the transfer, subject to the requisite consent
of the DIP Lenders.  In connection with the intercompany
transfer, the Debtors proposed to grant the U.S. Pension Benefit
Guaranty Corp., on account of unpaid contributions to certain
Delphi pension plans, adequate protection of its asserted
interests in the form of replacement liens in the amount of
US$255 million, upon certain DASHI assets already encumbered by
the Current DIP Facility.

As memorialized in the Amended and Restated DIP Credit
Agreement, the DIP Lenders have consented to the Intercompany
Transaction, including the use of proceeds and the granting of
the replacement liens to the PBGC.  In addition,

   -- In the event the Debtors accumulate any further funds
      from their global affiliates, the Debtors also negotiated
      a provision that should obviate the need for further
      consent by the DIP Lenders.  Specifically, they agreed
      that the replacement liens, and any additional liens,
      granted to the PBGC will be permitted but subject to and
      subordinate to the liens granted to the Agent for the
      benefit of the DIP Lenders and the liens granted to any
      "Setoff Claimant" set forth in the DIP Order.

  --  In connection with their consent to the PBGC Liens, the
      DIP Lenders required clarification that the PBGC will be
      treated like all other subordinated secured creditors
      under the DIP Order.

The Debtors also ask the Court to waive the 10-day stay period
under Rule 6004(g) of the Federal Rules of Bankruptcy Procedure
for the use, sale, or lease of property.  By waiving the 10-day
period, the Debtors will be able to consummate the Intercompany
Transaction, thereby allowing them to immediately take advantage
of the US$650 million intercompany transfer.  By using these
funds, the Debtors will be able, among other things, to reduce
their interest expense on the Current DIP Facility.

Mr. Butler asserts that approval of the Amendment will allow the
Debtors to consummate the Intercompany Transaction, which, among
other things, will provide a definitive source of liquidity on
favorable terms to the Debtors and enable the Debtors to
maximize efficiencies.

                     About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle  
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.

(Delphi Bankruptcy News, Issue No. 94; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


EMI GROUP: Terra Firma Leads Strategic Review to Recover Equity
---------------------------------------------------------------
Terra Firma Capital Partners Ltd. confirmed on Oct. 29, 2007,
that it was leading a strategic review on EMI Group Plc, amidst
reports that it will cut its interest in the company, The
Scotsman reports.

According to the report, Terra Firma wants to bring in outside
investors to recover some of the equity placed as part of the
GBP2.4 billion deal.

EMI could face job cuts and a clamp down on costs as its private
equity owner pursues to make savings, Scotsman relates.

A spokesman for Terra Firma told the Scotsman that the review
had been launched and was due to be completed by the end of the
year.

                      About Terra Firma

Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994.  Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.

Since its inception in 1994, Terra Firma has invested over EUR7
billion of equity and has completed transactions with an
aggregate transaction value of over EUR30 billion.  Terra Firma
has offices in London and Frankfurt.

                      About EMI Group

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent   
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                        *     *     *

As reported on Aug. 6, 2007, Moody's Investors Service
downgraded EMI Group plc's corporate family and senior debt
ratings to B1 (from Ba3).  All ratings remain under review
for downgrade.


EMI GROUP: Terra Firma Eyes Artists' Compensation Overhaul
----------------------------------------------------------
EMI Group Plc owner, Terra Firma Capital Partners Ltd, plans to
overhaul EMI executives' pay packages and let go of artists that
it believed are not working hard enough, published reports say.

In an internal memo to his staff obtained by the Financial
Times, Terra Firma chief executive officer Guy Hands also
threatened to withdraw artists' lucrative advances if record
sales are disappointing.

"While many spend huge amounts of time working with their label
to promote, perfect and endorse their music, some unfortunately
simply focus on negotiating for the maximum advance. . .
advances which are often never repaid," Mr. Hands said in his
memo.

Mr. Hands said that eventually they would get to choose which
artists they wish to work with and promote, BBC News relates.

According to the Associated Press, Mr. Hands also criticized
EMI's compensation and management system of 20 years, which does
not encourage the right behaviors or reward the right actions.

"What worries me is that the existing structures have been put
in over a couple of decades and unpicking them in a way that
releases the good in the company is not going to happen
overnight," Mr. Hands was quoted by the Associated Press as
saying.

Terra Firma concluded its GBP2.4 billion cash offer for EMI
Group Plc on Aug. 1, 2007.

                      About Terra Firma

Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994.  Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.

Since its inception in 1994, Terra Firma has invested over EUR7
billion of equity and has completed transactions with an
aggregate transaction value of over EUR30 billion.  Terra Firma
has offices in London and Frankfurt.

                       About EMI Group

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent    
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                       *     *     *

As reported on Aug. 6, 2007, Moody's Investors Service
downgraded EMI Group plc's corporate family and senior debt
ratings to B1 (from Ba3).  All ratings remain under review
for downgrade.


GENERAL MOTORS: Moody's Affirms Ratings with Stable Outlook
-----------------------------------------------------------
Moody's Investors Service has affirmed its rating for General
Motors Corporation (B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured and SGL-1 Speculative Grade
Liquidity rating) but changed the outlook to Stable from
Positive.  In an environment of weakening prospects for United
States auto sales General Motors has announced that it will take
a non-cash charge of US$39 billion for the third quarter of 2007
related to establishing a valuation allowance against its
deferred tax assets in the US, Canada and Germany.  Moody's
ratings of GMAC LLC (Ba2 senior unsecured/Negative outlook) and
of Residential Capital, LLC (Ba3 senior unsecured/Negative
outlook) are unaffected by this action.

General Motors' valuation allowance was established in
accordance with guidelines under the Financial Accounting
Standards Board's Statement of Financial Accounting Standards
No. 109, and reflects three recent negative developments that
were cited by the company.  These include GM's substantial
cumulative losses in the US, Canada and Germany for the three-
year period through the third quarter of 2007, the ongoing
weakness at GMAC Financial Services related to its Residential
Capital, LLC mortgage business, and the more challenging near-
term automotive market conditions in the US and Germany.

The establishment of the allowance is a non-cash event that does
not affect the company's US$27 billion cash liquidity position,
its ability to access over US$5 billion in long-term committed
credit facilities, or its new product and operating plans.  In
addition, GM's longer term operating efficiencies, cost
structure and cash generation will improve significantly by 2010
as a result of the new United Auto Workers labor agreement;
annual cash savings could exceed US$4 billion.  However, the
recent and continuing erosion in US market conditions will
likely result in GM's performance during 2008, and possibly into
2009, being weaker than originally anticipated.  These more
challenging market conditions include: the continued erosion in
US consumer confidence, the significant tightening of credit
markets, weakness in the US housing market, and the growing
possibility that US automotive shipments will be below 16
million units during 2008.

This significant weakening in market conditions and the
increasingly negative impact they will have on GM's performance
into 2009 are key factors in Moody's decision to stabilize GM's
rating outlook.

In addition, the company has faced a number of challenges with
respect to accounting and financial reporting matters.  These
accounting challenges include: the need for restatements of past
financials, delayed filings of financial reports, ongoing
investigations and inquiries by the SEC and other governmental
agencies, and the determination by its auditors that as of
Dec. 31, 2006, certain material weaknesses existed in various
internal control and reporting practices.  The change in the
outlook to stable also considers the elements of variability in
GM's financial statements, including the US$39 billion
allowance.

During the coming year Moody's will continue to assess the
degree to which General Motors can successfully implement its
new product strategy and take full advantage of the cost savings
available under the new UAW agreement.  Success in these areas
will be necessary in order to contend with challenges that
include:  US automotive shipments that could be below 16 million
units during 2008, continued high fuel prices, the need to
generate stronger returns in its car franchise, and rising
competition in the truck and SUV segments.  Should evidence
suggest that GM is on track to generate positive free cash flow,
sustain interest coverage exceeding 1.0, and achieve EBITA
margins approximating 2.5% during the 2009 time frame, the
rating outlook could be revisited.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs  
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.


GEOKINETICS INC: Relocates Corporate Office in Houston, Texas
-------------------------------------------------------------
Geokinetics Inc. has relocated its corporate headquarters
effective Nov. 5, 2007.   All of the company's Houston staff,
currently operating out of two office locations, will be
centralized in the new corporate headquarters.  

Dick Miles, Geokinetics' President and Chief Executive Officer
commented, "The new location was selected to accommodate our
growth in personnel and is conducive to our expanding business
requirements.  Geokinetics has seen unprecedented growth over
the past two years and this move was prompted by the need to
consolidate locations after two major acquisitions.  This
relocation and consolidation of offices is a key step in our
integration efforts to provide an enhanced working environment
for our employees to continue to strengthen our spirit of
teamwork and create synergies by having our employees in one
location.  We are excited about our current success and will
continue to push forward for more and better business
opportunities."

Geokinetics new corporate headquarters is located at:

       1500 CityWest Blvd., Suite 800
       Houston, TX  77042
       Tel.: (713) 850-7600
       Fax: (713) 850-7330
       http://www.geokinetics.com/

All current employee e-mail addresses and telephone numbers will
remain the same.

This move will consolidate the current offices of Geokinetics
Inc. and its subsidiary companies located at One Riverway, Suite
2100 and Suite 400, Houston, TX 77056 and 14521 Old Katy Rd.,
Suite 100,  Houston, TX 77079, including Geokinetics USA, Inc.
(formerly Quantum Geophysical, Inc.), Geokinetics Processing,
Inc. (formerly Geophysical Development Corporation); Geokinetics
Exploration, Inc. (formerly Trace Energy Services, Inc. and
Solid State Geophysical); Geokinetics International Holdings,
Inc. (formerly Grant Geophysical Inc.); and Advanced Seismic
Technology.

Headquartered in Houston, Texas, Geokinetics Inc. --
http://www.geokineticsinc.com/-- is a global leader of seismic  
acquisition and high-end seismic data processing and
interpretation services to the oil and gas industry.
Geokinetics provides seismic data acquisition services in North
America, Indonesia, Norway and Brazil.  Geokinetics operates in
some of the most challenging locations in the world from the
Arctic to mountainous jungles to the transition zone
environments.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2007, Moody's Investors Service has withdrawn all the
ratings for Geokinetics Inc. following the company's redemption
of all of its rated bonds with the proceeds of an equity
offering.  Moody's does not rate any other debt for Geokinetics.

The ratings withdrawn are the B3 corporate family rating and
probability of default rating, the SGL-3 speculative liquidity
rating and the B3, LGD4 (53%) rating on the US$110 million
second priority senior secured floating rate notes due 2012.


GERDAU AMERISTEEL: Declares US$0.02 Dividend Payable Dec. 12
------------------------------------------------------------
On Nov. 5, 2007, the Board of Directors of Gerdau Ameristeel
Corp. approved a quarterly cash dividend of $0.02 per common
share, payable Dec. 12, 2007. to shareholders of record at the
close of business on Nov. 27, 2007.
    
Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a  
mini-mill steel producer in North America.  Through its
vertically integrated network of 17 mini-mills, 17 scrap
recycling facilities and 52 downstream operations, Gerdau
Ameristeel serves customers throughout North America.  The
company's products are sold to steel service centers, steel
fabricators, or directly to original equipment manufactures for
use in a variety of industries, including construction, cellular
and electrical transmission, automotive, mining and equipment
manufacturing.  Gerdau Ameristeel is a unit of Brazilin firm
Gerdau SA.

                        *     *     *

As reported in the Troubled Company Reporter on Oct 1, 2007,
Moody's Investors Service confirmed these ratings on Gerdau
Ameristeel Corporation: (i) 'Ba1' probability of default rating;
(ii) 'Ba1' corporate family rating; and (iii) 'Ba1', LGD4 59%
US$405 million senior unsecured regular bond.  The outlook for
all ratings is stable.


GERDAU AMERISTEEL: Closes 126.5 Million Common Shares Offering
--------------------------------------------------------------
Gerdau Ameristeel Corporation has completed its offering of
126.5 million common shares, including the full exercise of the
overallotment option.  Gerdau S.A. purchased approximately 84.1
million of the common shares (including approximately 10.9
million common shares issued to Gerdau S.A. concurrently with
the closing of the overallotment option) from Gerdau Ameristeel
in the offering.  After giving effect to the offering, Gerdau
S.A. owns approximately 66.5% or 287.4 million common shares of
Gerdau Ameristeel and intends to hold these common shares for
investment purposes only. Approximately 42.4 million common
shares (including approximately 5.5 million common shares issued
to the underwriters pursuant to the exercise of the
overallotment option) have been purchased by an underwriting
syndicate described below for distribution to the public.  The
common shares were sold in the United States and Canada at a
price of US$12.25 per share for total gross proceeds of
approximately US$1.55 billion.
    
The net proceeds of the offering will be used to repay a portion
of the loans incurred by Gerdau Ameristeel for its previously
announced acquisition of Chaparral Steel Company, which closed
on Sept. 14, 2007.
    
J.P. Morgan Securities Inc., CIBC World Markets, ABN AMRO
Rothschild LLC and HSBC Securities (USA) Inc. were joint book-
running managers for the public offering. Banc of America
Securities LLC and BMO Capital Markets acted as co-managers of
the offering.
    
For more information on the offering or to obtain a copy of a
prospectus relating to the offering, contact JPMorgan at
National Statement Processing, Prospectus Library, 4 Chase
Metrotech Center, CS Level, Brooklyn, NY 11245, telephone: 718-
242-8002 or CIBC World Markets Corp., Attn: USE Prospectus
Department, 425 Lexington Avenue, 5th Floor, New York, NY 10017,
toll free: 866-895-5637; or via email
touseprospectus@us.cibc.com.

                     About Gerdau Group
    
Gerdau Group is the leader in the production of long steel
products in the Americas and ranks as the 14th largest
steelmaking company worldwide.  It has approximately 35,000
employees and is present in thirteen countries:  Argentina,
Brazil, Canada, Chile, Colombia, Dominican Republic, India,
Mexico, Peru, Spain, the United States, Uruguay and Venezuela.
Gerdau Group has an annual installed capacity of more than 20
million metric tons of steel and is one of the largest recyclers
in the Americas.  With more than 100 years of history, it has
taken a path of international growth in line with the
steelmaking consolidation process.  The Gerdau Group companies
have stock listed on the Sao Paulo (Bovespa: GGBR4, GGBR3, GOAL4
e GOAL3) New York (NYSE: GNA, GGB), Toronto (GNA) and Madrid
(Latibex: XGGB) stock exchanges.

                   About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a  
mini-mill steel producer in North America.  Through its
vertically integrated network of 17 mini-mills, 17 scrap
recycling facilities and 52 downstream operations, Gerdau
Ameristeel serves customers throughout North America.  The
company's products are sold to steel service centers, steel
fabricators, or directly to original equipment manufactures for
use in a variety of industries, including construction, cellular
and electrical transmission, automotive, mining and equipment
manufacturing.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 1, 2007,
Moody's Investors Service confirmed these ratings on Gerdau
Ameristeel Corporation: (i) 'Ba1' probability of default rating;
(ii) 'Ba1' corporate family rating; and (iii) 'Ba1', LGD4 59%
US$405 million senior unsecured regular bond.  Moody's said the
outlook for all ratings is stable.


GERDAU SA: Reports BRL3.4 Billion Net Profit in First Nine Mos.
---------------------------------------------------------------
Gerdau S.A. has announced results for the first nine months of
2007.
    
Output of crude steel reaches 13 million metric tons in nine
months, 9.4% more than the volume produced in 2006.
    
Gross sales revenue reaches BRL25.1 billion in the period from
January to September, 16.1% more than the same period 2006.  Of
this amount, 61% consists of exports and sales from overseas
companies.
    
Exports from the Gerdau companies in Brazil contributed US$1.1
billion toward the consolidated sales revenue reached up to
September this year.
    
Net profit reaches BRL3.4 billion in the first nine months of
2007, 7.6% more than the same period for 2006.  The net margin
was 14.9%.
    
Interest on capital of the 3rd quarter will be paid on
Nov. 30, 2007.  Shareholders from Metalurgica Gerdau S.A. will
receive BRL0.56 per share and from Gerdau S.A. BRL0.34 per
share.
    
Cash from operations (EBITDA) reached BRL4.6 billion up to
September this year, which is an amount 2.2% higher than that
reached in the same period of 2006.  The margin was 20.6%.
    
Gerdau successfully implement its financing plan for the
acquisition of Chaparral.  Payment was made on Sept. 14, 2007.
    
Gerdau Ameristeel concluded a capital increase of approximately
US$1.35 billion with the issuance of 110 million common shares
at a price of US$12.25 per share.
    
Gerdau concludes the issuance of a 10-year bond in the
international market.  The funds raised were US$1.0 billion with
an interest rate of 7.25% a year.
    
Acominas puts into operations its no. 2 blast furnace at its
mill in Ouro Branco-MG.  This equipment increases the plant's
annual installed capacity from 3 million metric tons to 4.5
million metric tons of liquid steel.
    
Gerdau is the winner of the 11th "Anefac-Fipecafi-Serasa Award -
Transparency Trophy" for its financial statements in 2006.  It
was the 8th time in a row that the Company was classified among
the top ten companies that presented the best financial
statements and the first time that it received the main award.
    
The Gerdau Riograndense mill was one of the winners of the
National Quality Award, which is the highest recognition of
excellence in management for the Brazilian organizations.  The
award ceremony will take place on Nov. 26, 2007 in Sao Paulo.
    
Acquisitions announced this year represent investments of US$4.9
billion, and an expansion in Gerdau's business to another four
countries, extending the company's footprint to thirteen
countries.
    
Gerdau's internal controls structure receives full compliance
2006 certification under section 404 of the Sarbanes-Oxley act
(SOX).
    
Fitch and Standard & Poor's rating agencies set Gerdau's risk
rating at Investment Grade.  This rating was maintained at this
level even after acquisition of Chaparral Steel Company.
    
Gerdau signs agreements for new labor contracts with the United
Steelworkers - USW at various North American units.
    
This year, Gerdau celebrates 60 years as a participant in the
capital markets and uninterrupted payment of dividends to its
shareholders.

                       About Gerdau SA

Headquartered in Porto Alegre, Brazil, Gerdau SA --
http://www.gerdau.com.br/-- produces and distributes crude  
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay and the United
States.

                        *     *     *

As reported on Oct. 1, 2007, Moody's Investors Service confirmed
the Ba1 corporate family ratings of Gerdau S.A. and Gerdau
Ameristeel Corporation.  The ratings agency also confirmed the
Ba1 corporate family rating of the Brazilian operations of
Gerdau, represented by Gerdau Acominas S.A., Gerdau Acos Longos
S.A., Gerdau Acos Especiais S.A., and Gerdau Comercial de Acos
S.A.  Meanwhile, the ratings for Chaparral Steel Company were
withdrawn as all its rated debt will be retired.  Moody's said
the outlook for all ratings is stable.


LAZARD LTD: Sept. 30 Balance Sheet Upside-Down by US$74.5 Mil.
--------------------------------------------------------------
Lazard Ltd reported last week financial results for the third
quarter and nine months ended Sept. 30, 2007.

The company's consolidated balance sheet at Sept. 30, 2007,
showed US$3.51 billion in total assets, US$3.54 billion in total
liabilities, and US$49.0 million minority interest, resulting in
a US$74.5 million total shareholders' deficiency.

Net income increased 206% to US$40.3 million for the 2007 third
quarter, compared to US$13.2 million for the 2006 third quarter.

For the third quarter of 2007, income before minority interest
in net income increased to US$90.3 million, compared to US$39.0
million  for the third quarter of 2006.  Operating income
increased 141% to US$118.6 million for the third quarter of
2007, compared to US$49.2 million for the third quarter of 2006.

Net revenue was US$542 million for the three month period ended
Sept. 30, 2007, up US$244 million, or 82%, versus net revenue of
US$298 million in the corresponding period in 2006.  

During the 2007 period, fees from investment banking and other
advisory activities were US$370 million, an increase of
US$187 million, or 102%, versus fees of US$183 million in the
corresponding period in 2006.  Money management fees for the
three month period ended Sept. 30, 2007, were US$164 million, an
increase of US$48 million, or 42%, versus US$116 million in the
corresponding period in 2006.  

Net income increased 70% to US$95.9 million for the first nine
months of 2007, compared to US$56.4 million for the first nine
months of 2006.  

Income before minority interest in net income increased to
US$220.4 million for the first nine months of 2007 from
US$167.2 million for the first nine months of 2006.  Operating
income increased 35% to US$286.0 million for the first nine
months of 2007, compared to US$212.0 million for the same period
in 2006.

Net revenue increased to US$1.33 billion for the first nine
months of 2007 compared to US$1.02 billion for the first nine
months of 2006.

During the 2007 period, fees from investment banking and other
advisory activities were US$813 million, an increase of
US$157  million, or 24%, versus fees of US$656 million in the
corresponding period in 2006.  Money management fees were
US$449 million, an increase of US$102 million, or 29%, versus
US$347 million in the corresponding period in 2006.

"Our Financial Advisory and Asset Management businesses each
achieved record outcomes," said Bruce Wasserstein, chairman and
chief executive officer of Lazard Ltd.  "The results underscore
our differentiated strategy and simple business model.  We are
an intellectual capital business focused on providing premium
advice and asset management.  Our diversity by geography,
industry and client base contributes to our success, as does the
breadth of our advisory practice.  For example, we advised the
UAW in its negotiations with the automakers regarding retiree
health care obligations.  As we pointed out last quarter, we
have limited exposure to the volatile credit market environment.  
We are not in the sub-prime business, are not a public hedge
fund nor do we have any SIVs.  We don't have a significant
principal trading book or hanging bridge loans.  We believe our
exposure to a softening of leveraged buyouts is limited."

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?250b

                      About Lazard Ltd.

Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a  
preeminent financial advisory and asset management firms, that
operates from 32 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides advice on mergers and
acquisitions, restructuring and capital raising, well as asset
management services to corporations, partnerships, institutions,
governments, and individuals.  The company has locations in
Australia, Brazil, China, France, Germany, India, Japan, Korea
and Singapore.


TEREX CORP: Earns US$151.5 Mil. in Third Quarter Ended Sept. 30
---------------------------------------------------------------
Terex Corporation reported income from continuing operations for
the third quarter of 2007 of US$151.5 million compared to income
from continuing operations of US$105.6 million for the third
quarter of 2006.  All per share amounts are on a fully diluted
basis.

As of Sept. 30, 2007, the company reported total assets of
US$5.5 billion, total liabilities of US$3.2 billion, and
stockholders' equity of US$2.3 billion.

                 Third Quarter Highlights

Net sales reached US$2,196.5 million in the third quarter of
2007, an increase of US$292.8 million, or 15.4%, from
US$1,903.7 million in the third quarter of 2006.

Income from operations was US$236.3 million in the third quarter
of 2007, an increase of US$45.2 million, or 23.7%, from
US$191.1 million in the third quarter of 2006.

Interest expense was US$14.6 million for the third quarter of
2007, compared with US$21.3 million in the 2006 third quarter,
reflecting the reduction in debt versus year ago levels.  Other
income totaled US$3.8 million for the third quarter of 2007,
compared with US$0.6 million for the third quarter of 2006.

The effective tax rate for continuing operations for the third
quarter of 2007 was 34.1%, compared to the effective tax rate
for continuing operations of 33.5% for the third quarter of
2006.

Return on invested capital was 41.9% for the trailing twelve
months ended Sept. 30, 2007.  Debt, less cash and cash
equivalents, decreased US$9 million in the third quarter to
US$189 million, reflecting the favorable impact of strong
earnings, partially offset by expenditures of about US$50
million for the repurchase of Terex common stock pursuant to a
previously announced stock repurchase program, as well as
increases in working capital.

Cash flow in the third quarter was slightly below expectations,
mainly as a result of higher than anticipated inventory levels.
In the last twelve months Debt, less cash and cash equivalents,
has decreased by US$174 million.

Working capital as a percent of Trailing Three Month Annualized
Sales was 23.2% at the end of the third quarter of 2007, as
compared to about 19.2% at the end of the third quarter in 2006.

Backlog for orders deliverable during the next twelve months was
US$4,058.1 million at Sept. 30, 2007, an increase of 73% versus
the third quarter of 2006.

                          Outlook

In July 2007, Terex provided guidance for 2007 performance,
indicating that anticipated earnings per share for the full year
would be between US$5.50- US$5.70 per share on net sales of
between US$8.8 to US$9 billion.  The company's current
expectation is to report full year 2007 financial results that
fall within this previously stated range.

Full-text copies of the company's financials are available for
free at http://ResearchArchives.com/t/s?2481

"Our third quarter results reflected a continuation of the many
trends we have seen develop over the past few quarters,"
commented Ron DeFeo, Terex's chairman and chief executive
officer.  "The underlying story of strong global demand for our
products remains intact, contributing to our positive outlook
for Terex's future financial performance.  However, the
challenge of shortages in component deliveries impacting
production output, capacity constraints on certain of our
products, and a softer North American marketplace for certain
products continue to weigh on our business.  Overall, we feel
our ability to improve our franchise during these generally
favorable market conditions is getting stronger."

Mr. DeFeo added, "We continue to invest in our business with a
focus on long-term benefits to our customers and investors.  Our
operating expenses have increased versus year ago levels, but
these are necessary expenses targeted at improving our
capabilities in multiple areas, such as supply management,
marketing, global sales and service, information technology and
financial services.  We will continue to increase our investment
in these areas in the future, and we expect that benefits from
these investments will become more visible."

"Our overarching message today is that we are a company that is
poised for continued strong and profitable growth," said
Mr. DeFeo.  "We are committed to achieving our previously stated
objective of US$12 billion in sales and a 12% operating margin
by 2010.  We anticipate that acquisitions will be a part of this
growth strategy, and with the recent volatility in financial
markets, we are uniquely positioned to take advantage of
opportunities as they arise, as well as continuing to invest in
expanding our infrastructure in developing economies."

Headquartered in Westport, Connecticut, Terex Corporation
(NYSE:TEX) - http://www.terex.com/-- manufactures a broad range   
of equipment for use in various industries, including the
construction, infrastructure, quarrying, surface mining,
shipping, transportation, refining, and utility industries.  The
company has operations in Australia, Brazil, China, Japan,
Germany, United Kingdom, among others.  Last twelve months
Sept. 30, 2007 revenues were approximately US$8.5 billion.


TEREX CORP: Moody's Rates New US$500 Mln Sr. Sub. Notes at Ba3
--------------------------------------------------------------
Moody's Investors Service assigned Terex's new US$500 million
senior subordinated notes, being issued in two tranches of 8
year and 10-year maturities, ratings of Ba3, LGD 5, 83%.

In a related action, Moody's affirmed Terex's corporate family
and probability of default ratings of Ba2, and affirmed the
speculative grade liquidity rating of SGL-1.  The rating outlook
remains stable.

The presence of the new US$500 million senior subordinated notes
will add a layer of junior debt to Terex's capital structure.
This new senior subordinated debt will be effectively
subordinated to Terex's existing senior subordinated debt
because the new debt will not be guaranteed, whereas Terex's
existing US$300 million 7.375% senior subordinated notes due
2014 are guaranteed by all of Terex's material domestic
subsidiaries.  The new notes, however, carry a springing
subsidiary guarantee covenant that gets triggered once the
existing US$300 million 7.375% senior subordinated notes due
2014 get repaid.  

As a result of the new layer of effectively most junior debt in
the capital structure, which would be available to absorb loss
in event of default, ratings on Terex's existing debt have been
raised as:

   -- US$900 million senior secured credit facility to Baa3  
      LGD2, 18% from Ba1 LGD2, 24%;

   -- US$300 million 7.375% senior subordinated notes due 2014
      to Ba2 LGD4, 50% from Ba3 LGD5, 77%.

Proceeds from the new issuance will be used to fund prospective
acquisitions as part of the company's growth initiative, as well
as for general corporate purposes, including repaying borrowing
under the company's revolving credit facility, funding capital
expenditures, investments and share repurchases.  The corporate
family rating has been affirmed despite the increase in debt
because Moody's anticipates that the company will manage its
growth initiatives in a manner that will keep the company credit
metrics and risk profile within the Ba2 rating level.  The key
operating risks that Terex faces are potential near-term
weakening of the economy, and the cyclicality of its end
markets.  Although demand from North American customers has
slowed, sales to customers in Europe have compensated.  As well,
an expectation of continued high commodity prices and high
demand for crane products globally helps to somewhat offset the
expectation of near-term slow to flat U.S. non-residential
construction growth rates.  Key non-operating risks include
potential costs associated with any resolution of the Securities
and Exchange Commission and U.S. Department of Justice
investigations.  

In addition, parts shortages for certain classes of heavy
equipment are slowing inventory turns and partially limiting
flow through of higher earnings, as is the need to sell more
equipment manufactured in North America to customers outside
North America, which consumes additional working capital.  
Nevertheless, Moody's expects that Terex should be able to
weather these risks within the Ba2 rating level due to the
company's improved balance sheet, and commitment to maintain
ample liquidity.  For the last twelve months ended
Sept. 30, 2007, Terex had debt to EBITDA of 1.7x and EBITA
margin of 11.3%.

Terex plans to use the notes proceeds to fund strategic
acquisitions over the next 12-18 months as well as for other
corporate purposes.  Moody's recognizes that with the recent
credit market uncertainty, and decline in acquisition activity
from private equity sources, the ability of strategic buyers,
such as Terex, to successfully compete for acquisitions has
improved.  Thus, Terex intends to now raise the 12-18 month
acquisition funding it requires opportunistically rather than
risk the possibility that debt markets could tighten and thereby
limit the company's flexibility.

The SGL-1 Speculative Grade Liquidity Rating anticipates that
the company will maintain very good liquidity over the next 12-
month period.  Terex's operating cash flow generation combined
with about US$460 available under its committed revolving credit
facility and about US$517 million in cash at the end of
September 2007 should be sufficient to fund the company's normal
operating capital requirements, capital spending and debt
service over the next 12 months.

Headquartered in Westport, Connecticut, Terex Corporation
(NYSE:TEX) - http://www.terex.com/-- manufactures a broad range   
of equipment for use in various industries, including the
construction, infrastructure, quarrying, surface mining,
shipping, transportation, refining, and utility industries.  The
company has operations in Australia, Brazil, China, Japan,
Germany, United Kingdom, among others.  Last twelve months
Sept. 30, 2007 revenues were approximately US$8.5 billion.


TEREX CORP: S&P Affirms BB Corporate Credit Rating
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Terex
Corp., including the 'BB' corporate credit rating and the 'B+'
issue rating on the existing senior subordinated notes due 2014.  
The outlook is stable.
     
At the same time, Standard & Poor's assigned its 'B+'
subordinated debt rating to the company's proposed $500 million
senior subordinated notes to be issued in a combination of
eight- and ten-year maturities.
      
"The ratings on Westport, Connecticut-based Terex reflect the
company's participation in the highly cyclical and competitive
construction equipment industry and its aggressive financial
profile," said Standard & Poor's credit analyst John Sico.  
"These factors are mitigated by the company's satisfactory
business position as a major provider of construction equipment
and by its good geographic and product diversity."
     
The outlook is stable.  The downside ratings risk is mitigated
by the good diversity among the company's geographic regions and
products; by its competitive cost structure; by its low capital
intensiveness; and by its satisfactory financial flexibility.  
However, S&P could consider a negative rating action if the
company pursues policies that are more aggressive than expected,
such as funding acquisitions through additional debt financing.  
The company's acquisitiveness and exposure to cyclical markets
continue to limit upside rating potential.

Headquartered in Westport, Connecticut, Terex Corporation
(NYSE:TEX) - http://www.terex.com/-- manufactures a broad range   
of equipment for use in various industries, including the
construction, infrastructure, quarrying, surface mining,
shipping, transportation, refining, and utility industries.  The
company has operations in Australia, Brazil, China, Japan,
Germany, United Kingdom, among others.  Last twelve months
Sept. 30, 2007 revenues were approximately US$8.5 billion.


* BRAZIL: Petrobras Mulling New Investments in Bolivia
------------------------------------------------------
Brazilian federal energy firm Petrobras' head Jose Sergio
Gabrielli told Bolivian state news agency Agencia Boliviana de
Informacion that the company will begin analyzing "major" new
investments in Bolivia.

Accoridng to Business News Americas, Mr. Gabrielli said that
Petrobras has a legal framework in Bolivia as it has signed
exploration and production agreements under the government's
nationalization program.

Mr. Gabrielli commented to BNamericas, "In this new scenario, we
can start evaluating new investments to boost gas production in
Bolivia.  A new relationship is starting.  We are a gas-
consuming country, while Bolivia is a producer.  The
complementary nature of our interests is very clear."

BNamericas notes that Bolivia exports over 30 million cubic
meters a day of gas to Brazil.

Petrobras' role in the Bolivian hydrocarbons sector would be
defined during a meeting set for Nov. 26 to Nov. 30, BNamericas
says.

BNamericas relates that the Bolivian government gave firms until
April 25, 2008, to present updated development plans to state-
run oil company Yacimientos Petroliferos Fiscales Bolivianos.

However, firms may be unwilling to boost investments in Bolivia,
"given terms of the nationalization model and a history of
unrest in the country," BNamericas states, citing some industry
analysts.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'.  In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'.  Fitch
said the rating outlook is stable.




===========================
C A Y M A N   I S L A N D S
===========================


BLACKSTONE FIFTH: Proofs of Claim Filing Ends Nov. 10
-----------------------------------------------------
Blackstone Fifth Avenue Offshore Euro Fund Ltd.'s creditors are
given until Nov. 10, 2007, to prove their claims to Scott Long,
the company's liquidator, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Blackstone Fifth's shareholder agreed on Oct. 2, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

              Scott Long
              345 Park Avenue
              New York, New York, 10154
              U.S.A.


BLACKSTONE PARTNERS: Proofs of Claim Filing Is Until Nov. 10
------------------------------------------------------------
Blackstone Partners Offshore Euro Fund Ltd.'s creditors are
given until Nov. 10, 2007, to prove their claims to Scott Long,
the company's liquidator, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Blackstone Partners' shareholder agreed on Oct. 2, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

              Scott Long
              345 Park Avenue
              New York, New York, 10154
              U.S.A.


GAMEO INT'L: Proofs of Claim Filing Deadline Is Nov. 28
-------------------------------------------------------
Gameo International Limited's creditors are given until
Nov. 28, 2007, to prove their claims to Randy Pearce and Paul
Finkelstein, the company's liquidators, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Gameo International's shareholder agreed on Oct. 18, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

             Randy Pearce
             Paul Finkelstein
             c/o Regis Corporation
             7201 Metro Blvd., Minneapolis
             Minnesota 55439


HMTF FURNITURE: Sets Final Shareholders Meeting for Nov. 30
-----------------------------------------------------------
HMTF Furniture Holdings Limited will hold its final shareholders
meeting on Nov. 30, 2007, at:

         36A Dr Roy’s Drive
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the winding-up process and how the property
      has been disposed; and

   2) authorizing the liquidator to retain the records of the
      company for a period of five years from the dissolution of
      the company after which they may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

         David W. Knickel
         Attention: Stuarts Walker Hersant
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949 3344
         Fax: (345) 949 2888


HMTF FURNITURE: Proofs of Claim Filing Ends on Nov. 29
------------------------------------------------------
HMTF Furniture Holdings Limited's creditors are given until
Nov. 29, 2007, to prove their claims to David W. Knickel, the
company's liquidator, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

HMTF Furniture's shareholder agreed to place the company into
voluntary liquidation under The Companies Law (2004 Revision) of
the Cayman Islands.

The liquidator can be reached at:

             David W. Knickel
             c/o Stuarts Walker Hersant Attorneys-at-Law
             Dr. Roy’s Drive, P.O. Box 2510
             Grand Cayman KY1-1104, Cayman Islands
             Telephone: (345) 949 3344
             Fax: (345) 949 2888


HMTF-LA ARGENTINA: Proofs of Claim Filing Deadline Is Nov. 29
-------------------------------------------------------------
HMTF-LA Argentina Cable Partners Company's creditors are given
until Nov. 29, 2007, to prove their claims to David W. Knickel,
the company's liquidator, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

HMTF-LA Argentina's shareholder agreed on Oct. 2, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             David W. Knickel
             c/o Stuarts Walker Hersant Attorneys-at-Law
             Dr. Roy’s Drive, P.O. Box 2510
             Grand Cayman KY1-1104, Cayman Islands
             Telephone: (345) 949 3344
             Fax: (345) 949 2888


HMTF-LA ARGENTINA: To Hold Final Shareholders Meeting on Nov. 30
----------------------------------------------------------------
HMTF-LA Argentina Cable Partners Company will hold its final
shareholders meeting on Nov. 30, 2007, at:

         200 Crescent Court
         Suite 1600, Dallas
         Texas 75201 USA  

These agendas will be taken during the meeting:

   1) accounting of the winding-up process and how the property
      has been disposed; and

   2) authorizing the liquidator to retain the records of the
      company for a period of five years from the dissolution of
      the company after which they may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

         David W. Knickel
         Attention: Stuarts Walker Hersant
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949 3344
         Fax: (345) 949 2888


MIAMI FINANCE: Proofs of Claim Filing Deadline Is Nov. 29
---------------------------------------------------------
Miami Finance Limited's creditors are given until Nov. 29, 2007,
to prove their claims to Westport Services Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Miami Finance's shareholder agreed on Oct. 16, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Westport Services Ltd.
             Attention: Evania Ebanks
             P.O. Box 1111, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345)-949-5122
             Fax: (345)-949-7920


QIB BOULDER: Proofs of Claim Filing Deadline Is Nov. 23
-------------------------------------------------------
QIB Boulder Funding Limited's creditors are given until
Nov. 23, 2007, to prove their claims to Westport Services Ltd.,
the company's liquidator, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

QIB Boulder's shareholders agreed on Oct. 5, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

             Westport Services Ltd.
             Attention: Bonnie Willkom
             P.O. Box 1111, Grand Cayman KY1-1102
             Cayman Islands
             Telephone: (345)-949-5122
             Fax: (345)-949-7920


ROSHAM HOLDINGS: Proofs of Claim Filing Is Until Nov. 29
--------------------------------------------------------
Rosham Holdings Limited's creditors are given until
Nov. 29, 2007, to prove their claims to Royhaven Secretaries
Limited, the company's liquidator, or be excluded from receiving
any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Rosham Holdings' shareholders agreed on Oct. 10, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

             Royhaven Secretaries Limited
             Attention: Sharon Meghoo
             Coutts House, 1446 West Bay Road
             P.O. Box 707, Grand Cayman KY1-1107
             Cayman Islands
             Telephone: 945-4777
             Fax: 945-4799


SCHINDLER FINANCE: Proofs of Claim Filing Ends on Nov. 29
---------------------------------------------------------
Schindler Finance (Cayman Islands), Ltd.'s creditors are given
until Nov. 29, 2007, to prove their claims to Stuart K. Sybersma
and Ian A. N. Wight, the company's liquidators, or be excluded
from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Schindler Finance's shareholders agreed on Sept. 30, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

             Stuart K. Sybersma
             Ian A. N. Wight
             Attention: Jessica Turnbull
             Deloitte, Cayman Islands
             Telephone: (345) 949 7500
             Fax: (345) 949 8258


UNIVEST GLOBAL: Proofs of Claim Filing Ends on Nov. 28
------------------------------------------------------
Univest Global Fund Ltd.'s creditors are given until
Nov. 28, 2007, to prove their claims to Kenneth M. Krys and Eric
A. Rodier, the company's liquidators, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Univest Global's shareholders agreed on Oct. 29, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

             Kenneth M. Krys
             Attention: Simone Tomkins
             Krys & Associates Cayman Ltd
             P.O. Box 10663, Governors Square
             Building 6, 2nd Floor
             23 Lime Tree Bay Avenue, Grand Cayman
             KY1-1006
             Telephone: 345.945.4700
             Fax: 345.946.6728

                      -- or --

             Eric A. Rodier
             RSM Richter Inc., 2 Place Alexis Nihon
             Suite 1820, Montreal
             Quebec H323C2
             Telephone: 514.934.3452
             Fax: 514.934.3504


WALBROOK ESTATES: Proofs of Claim Filing Is Until Nov. 23
---------------------------------------------------------
Walbrook Estates Limited's creditors are given until
Nov. 23, 2007, to prove their claims to S.L.C. Whicker and K.D.
Blake, the company's liquidators, or be excluded from receiving
any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Walbrook Estates' shareholder agreed on Oct. 16, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

             S.L.C. Whicker
             K.D. Blake
             Attention: Dorra Mohammed
             KPMG
             P.O. Box 493, Grand Cayman KY1-1106
             Cayman Islands
             Telephone: 345-914-4475 or 345-949-4800
             Fax: 345-949-7164




=========
C H I L E
=========


AES CORP: Benefiting from Gas Export Restriction to Chile
---------------------------------------------------------
AES Corporation Chief Executive Officer Paul Hanrahan said in a
conference call that Argentina's restrictions on natural gas
shipments to Chile are creating an opportunity for the company.

Mr. Hanrahan commented to Business News Americas, "Chile has
realized it needs more reliable sources of supply.  They really
became over-reliant on Argentine gas and are looking at more
coal-fired plants, more hydro and LNG [liquefied natural gas].  
Chile can't rely on as many imports of natural gas as they have
in the past and this is what has created opportunities for us to
expand in Chile as they have to add more non-natural gas
capacity."

According to BNamericas, low hydrology in Chile and Argentina
are problems for AES in the third quarter 2007.

BNamericas relates that gross generation margins in Latin
America dropped to US$183 million in the third quarter 2007,
compared to the same quarter last year, mainly due to higher
costs associated with gas supply curtailments and lower
hydrology.

The main reasons for Argentina's continued reduction in natural
gas shipment to Chile are high consumption fueled by low
regulated prices, BNamericas states, citing an AES spokesperson.

AES Corp. -- http://www.aes.com/-- is a global power company.   
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service affirmed The AES
Corporation's Corporate Family Rating at B1 and the senior
unsecured rating assigned to its new senior unsecured notes
offering at B1 following its upsizing to US$2 billion from
US$500 million.  LGD assessments are subject to change pending
the final capital structure.

As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1'
rating to AES Corporation's US$500 million issue of senior
unsecured notes due 2017.  AES' long-term Issuer Default Rating
is rated 'B+' by Fitch.  Fitch said the rating outlook is
stable.


SHAW GROUP: Joint Venture Bags Remediation Contract from DOE
------------------------------------------------------------
The Shaw Group Inc. disclosed that Accelerated Remediation
Company LLC, a small business joint venture formed by Shaw
Environmental & Infrastructure Group and Portage Environmental,
Inc., was awarded a task order by the U.S. Department of Energy.  
The value of the three year, cost-plus-incentive fee task order
contract is approximately US$14 million and has been included in
the company’s previously announced backlog.

The task order contract is issued under the Small Business DOE
Environmental Management Nationwide Indefinite Delivery
Indefinite Quantity contract previously awarded to ARC.  Under
this task order, ARC will provide remediation services at the
Separations Process Research Unit, a former nuclear research
facility that is located at the Knolls Atomic Power Laboratory
in Niskayuna, N.Y.

“Shaw's Environmental & Infrastructure Group has established
itself as a premier provider of hazardous waste management,
removal and disposal services at our nation’s former nuclear
research and production sites,” said J.M. Bernhard Jr., Shaw’s
chairman, president and chief executive officer.  “We are
pleased to have been selected for this important DOE contract
and we look forward to executing this contract with Portage
Environmental.”

                      About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the   
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.




===============
C O L O M B I A
===============


BANCOLOMBIA SA: Earns COP316.7 Billion in Quarter Ended Sept. 30
----------------------------------------------------------------
Bancolombia S.A. has announced its financial results for the
third quarter of fiscal year 2007, ended Sept. 30, 2007.

Highlights:
    
-- This is the second time Bancolombia has released consolidated
   results since the acquisition of Banagricola S.A. that took
   place during the second quarter of 2007.  This report
   contains pro forma figures for the second quarter of the
   present year and pro forma figures for the third quarter of
   2006 as if the acquisition had taken place on June 30, 2006.
   All references to numbers for periods prior to second quarter
   of 2007 were derived from such pro forma consolidated
   financial statements and are used herein for the purpose of
   comparison.  Some assumptions were needed in order to
   complete the pro forma figures, the purchase transaction was
   simulated applying the same multiples, used on the
   acquisition, to the numbers that Banagricola had at that time
   and an issuance of subordinated bonds and preferred shares
   were simulated keeping a similar participation on the bank's
   funding as they did in June 30, 2007.  Bancolombia's
   management strongly recommends taking this into account
   before analyzing this financial report.
    
-- Net income for the quarter ended Sept. 30, 2007, totaled
   COP316.7 billion, representing an increase of 31.3% when
   compared to COP241.3 billion pro forma for the second quarter
   of 2007.  As of Sept. 30, 2007, the net income for the first
   nine months of this year totaled COP764.4 billion, an
   increase of 44% when compared with the pro forma figure for
   the same period last year.
    
-- As of Sept. 30, 2007, Bancolombia's net loans and financial
   leases totaled COP34,188 billion, representing an increase of
   9.9% when compared to COP31,110 billion for the second
   quarter of 2007 and an increase of 20.1% on a year-to-year
   basis from COP28,467 billion pro forma as of Sept. 30, 2006.
    
- Net interest income as of Sept. 30, 2007, totaled COP2,021
  billion representing a 38.0% increase as compared to the pro
  forma figures for the first nine months of 2006.
    
-- Allowances for Loan losses reached COP1,257 billion,
   increasing 12.5% over the quarter and 25.5% over the year on
   a pro forma basis.  Net Provisions for the first nine months
   of this year increased significantly when compared with the
   pro forma figure for the same period of 2006 increasing
   83.7%.  This increase will be further analyzed in
   Bancolombia's report.
    
-- Asset quality measures continue at comfortable levels.  As of
   Sept. 30, 2007, Bancolombia's ratio of past due loans to
   total loans was 2.77%, and the ratio of allowances to past
   due loans was 131.14%.  On the other hand, C, D and E loans
   as a percentage of total loans was 2.64% as of
   Sept. 30, 2007.
    
-- Annualized return on average shareholders equity as of
   Sept. 30, 2007 is 24.4% and Efficiency measured as the ratio
   between operating expenses and net operating income was 55.4%
   for the same period.

                      About Bancolombia

Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.  
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Moody's Investors Service changed the outlook to
positive from stable on its Ba3 long-term foreign currency
deposit ratings and Ba1 long-term foreign currency subordinated
bond rating for Bancolombia, S.A.

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Fitch Ratings downgraded and removed from Rating
Watch Negative Bancolombia's long-term and short-term local
currency Issuer Default Ratings and Individual rating:

  -- Individual rating to 'C/D' from 'C';
  -- Local currency long-term IDR to 'BB+' from 'BBB-'; and
  -- Local currency short-term rating to 'B' from 'F3';

In addition, Fitch affirmed these ratings:

  -- Foreign currency long-term IDR at 'BB+';
  -- Foreign currency short-term rating at 'B'; and
  -- Support rating at '3'.

Fitch says the rating outlook is stable.




===================
C O S T A   R I C A
===================


ALCATEL-LUCENT: Moody's Lowers Corporate Family Rating to Ba3
-------------------------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Ba2 the
Corporate Family Rating of Alcatel-Lucent.  The ratings for
senior debt of the group were equally lowered to Ba3 from Ba2
and the trust preferred notes of Lucent Technologies Capital
Trust I have been downgraded to B2 from B1. At the same time,
Moody's affirmed its Not-Prime rating for short term debt of
Alcatel-Lucent.  The outlook for the ratings is stable.

Wolfgang Draack, Senior Vice President and lead analyst for
Alcatel-Lucent, summarized:  "The rating downgrade reflects the
fact that the company's profitability and cash generation has
fallen behind Moody's expectations from the time of the merger
of Alcatel and Lucent.  While Alcatel-Lucent has realized a
large part of the scheduled cost savings in 2007, it retained
only part of it, so that Alcatel-Lucent's interest coverage was
below 0.5-times for the last twelve months to September 2007 and
it has consumed around EUR1.3 billion cash, including outflows
for restructuring and dividend distributions in the same period.  
Were this trend to continue, then the company would increasingly
absorb its financial flexibility."

In its credit opinion of 29 March 2007, Moody's had summarized
its criteria for a possible rating downgrade.  These included a
slow-to-no growth revenue scenario, price pressure to push the
EBITA margin below 3%, and a weak cash flow below 30% for the
retained cash flow to net debt.  With a revenue decline of 7%
for the last twelve months compared to 2006 pro-forma data, an
EBITA-margin of less than 1% and RCF/net debt estimated below
10% for the same period, these conditions are currently met and
will take time to reverse.

The stable outlook for the ratings incorporates the expectation
that (i) price pressure in the market will somewhat abate and
management will focus more on improving gross profit, that (ii)
management's restructuring plan will generate and retain
substantially more cost savings going forward, that (iii) a
trend towards the targeted double-digit operating margins
becomes visible in the company's results, and that (iv) a
seasonally cash-generative fourth quarter 2007, before
restructuring, will reduce cash consumption for this year, with
profitability improvements proving sufficient to fund future
cash cost of restructuring.

The Ba3 CFR reflects (i) Alcatel-Lucent's strong customer
relationships and the large installed base supporting its market
shares (ii) its broad product offering which positions the
company well for the convergence of various communication
technologies, (iii) the potential for realizing and retaining
synergy savings now targeted at above EUR2 billion by
management, and (iv) a comfortable liquidity position with a
relatively moderately levered capital structure.

These credit positives, however, are balanced by (i) the
pressure on revenues stemming from generally subdued investment
behaviour of the telecom carriers in the developed markets as
well as from Alcatel-Lucent's exposure to the slowdown in
spending in North America and the developing position of its 3rd
generation wireless products, by (ii) the intense price pressure
in equipment caused by market share strategies of major
competitors, which absorbs much of the company's synergy
benefits but may abate near term, and by (iii) challenges to
contain cash consumption, given material working capital needs,
substantial dividend payouts and more than EUR800 million cash
cost for restructuring yet to come.

Moody's last rating action for Alcatel-Lucent introduced on 29
March the Loss Given Default Methodology and raised the ratings
for subordinated debt and preferred stock to B1.

Issuer: Alcatel-Lucent

Downgrades:

-- Corporate Family Rating, Downgraded to Ba3 from Ba2

-- Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
    Ba3 from Ba2

-- Senior Unsecured Medium-Term Note Program, Downgraded to
    Ba3 from Ba2

-- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3
    from Ba2

Issuer: Lucent Technologies Capital Trust I

Downgrades:

-- Preferred Stock Preferred Stock, Downgraded to B2 from B1

Issuer: Lucent Technologies, Inc.

Downgrades:

-- Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
    Ba3 from Ba2

-- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3
    from Ba2

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable  
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, China,
Australia, Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and
Lucent Technologies Inc. completed their merger transaction, and
began operations as a communication solutions provider under the
name Alcatel-Lucent on Dec. 1, 2006.




===================================
D O M I N I C A N   R E P U B L I C
===================================


BANCO DE RESERVAS: Fitch Assigns Preliminary B Ratings
------------------------------------------------------
Fitch rates Banco de Reservas de la Republica Dominicana, Banco
de Servicios Multiples as:

-- Foreign currency Issuer Default Rating 'B';
-- Local currency IDR 'B';
-- Short-term foreign currency IDR 'B';
-- Short-term local currency IDR 'B';
-- Individual rating: 'D';
-- Support Rating of 4;
-- Support Floor B;
-- National long-term rating 'A+(dom)';
-- National short-term Rating 'F1(dom)'.

The rating outlook is positive.

Banco de Reservas IDRs reflect the support provided by its
shareholder, the Dominican government.  Also, the bank's
Individual rating is supported by its ample market share, the
stability of its deposit base in times of systemic stress, and
the improvement of its profitability ratios.  However, a still-
tight capital base hindered by sizable holdings of fixed and
foreclosed assets, the significant exposure to the Dominican
government on its balance sheet, and below-average asset quality
metrics limit the bank's Individual rating.  The bank's ratings
have a Positive Rating Outlook, similar to the Outlook of the
sovereign.  Positive changes in these ratings will be contingent
upon changes in the sovereign worthiness and/or an improvement
of its asset quality ratios and capitalization.

As of June 7, Banco de Reservas ranked first out of 13
commercial and multiple service banks, with a 32% market share
by total assets.  The bank is the main government paying agent
and also has an adequate participation in the consumer and
corporate markets.

The significant increase of its private-sector operations and
the intention to contain the exposure to public-sector loans
have resulted in a decrease in the bank's sovereign exposure to
3.5 times equity at end-06 from 5.1 at end-2004, which is still
high given the low IDR of the sovereign.  Public-sector loans
have posted reasonable performance in the last few years;
nevertheless, during 2003 and 2005, significant restructuring of
that portfolio occurred.  At end-June 2007, past-due loans came
only from the bank's private-sector exposure, representing a
high 11% of private-sector loans (7.2% of total loans), higher
than the market average and higher also when compared with its
equity base (47% at end-June 2007). At the same date, overall
provisioning (7.8% of total loans) was tight.

Aided by its low cost-funding base and the improvement in
efficiency ratios, albeit still high by international standards,
the bank has been able to increase its return on average assets
(ROAA) ratio up to 2.1% during 2006.  Going forward, more
astringent loan loss provisioning and a highly competitive
market would require even tighter cost-control policies in order
to preserve the current level of profitability.  Some capital
infusions made since 2001 (DOP3,736 million), and profit
capitalization has helped to improve the Banco de Reservas'
capital base, though it still calls for more improvement.  At
end-June 2007, the equity-to-assets ratio stood at 8.5%.  
Nevertheless, if the burden of fixed and foreclosed assets and
the investments held in subsidiaries are excluded, the Fitch
free capital ratio stands at a low 2.3%.

Banco de Reservas de la Republica Dominicana --
http://www.banreservas.com.do/-- is an International  
government-owned commercial bank located in Santo Domingo,
Dominican Republic.


GRUPO M: Moody's Assigns Ba3 Rating on US$150-Mln Senior Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 global foreign
currency rating to Grupo M Holding S.A.'s proposed US$150
million senior unsecured notes due 2017.  Moody's has also
assigned a Ba3 corporate family rating to the company.  This is
the first time Moody's has assigned ratings to Grupo M.  The
rating outlook is stable.

Approximately US$150 million of debt securities affected.

These ratings were assigned:

-- US$150 million senior unsecured notes due 2017, at Ba3
-- Corporate Family, at Ba3

Proceeds from the notes will primarily be used to refinance
existing bank debt.

Moody's analyst Sebastian Hofmeister stated that "Grupo M's Ba3
corporate family rating is supported by the company's #1 market
positions in its home market Costa Rica and in Nicaragua,
geographic diversification, its clout with suppliers in the
region and consolidated margins that are broadly in line with
those of regional peers with similar integrated retail and
consumer finance business models.  The company's generates
appropriate retail margins, along with consistent and recurring
earnings at its consumer finance operation which provide for
ample provision-adjusted profitability and strong organic
capitalization."

The analyst added that key credit positives also include the
company's track record of rapid, profitable growth over the past
several years in its legacy markets, good growth prospects in
its newer markets Honduras, El Salvador and Guatemala, and a
solid corporate governance structure, which somewhat mitigates
some concerns regarding the family ownership of the issuer.

"These credit positives are partly offset by the company's small
absolute scale compared to rated retailers globally, B3 country
risk exposure in its second largest market Nicaragua, an
increasingly competitive retail and consumer finance environment
in the region, and some execution risk related to aggressive
growth targets and the conclusion of integration efforts at El
Salvador's Almacenes Prado, which was acquired in late 2006",
said Mr. Hofmeister.

Credit weaknesses also include some risk that faster than
anticipated store network growth may lead to rising financial
leverage because of the ongoing need to finance growing loan
receivable balances and inventory levels, and that the
relatively high loan delinquencies of the company's consumer
finance operations could increase rapidly in a weakening
economic environment.

The assigned Ba3 corporate family rating is in line with the
rating yielded by Moody's Rating Methodology for the Global
Retail Industry.

The Ba3 rating of the senior unsecured 2017 Notes is at the same
level as the corporate family rating because of the
preponderance of the senior unsecured debt class in the capital
structure. Although the notes will be issued by a holding
company domiciled in Panama and organized under Panamanian law,
they will benefit from upstream guarantees from the Central
America based operating subsidiaries.

The stable rating outlook reflects our expectation that Grupo M
will prudently balance its store network and loan portfolio
growth with the need to maintain profitability, finance
receivable quality and credit metrics at levels that are
acceptable for the rating category.  The stable outlook also
incorporates our understanding that the company will continue to
be able to freely move funds from the countries in which it
operates to Panama, where the issuer of the notes is domiciled.

Headquartered in the Dominican Republic, Grupo M Holding S.A., a
privately-owned holding company, through its subsidiaries, is
the leading retailer of consumer electronics, home furniture,
home appliances, and telephone and computer equipment in Central
America.  The company largely caters to low and medium income
customers to which it offers installment financing plans as an
integral part of its business.  For the 12 months ended
Sept. 30, 2007, sales and reported EBITDA reached about US$361
million and US$64 million, respectively.


PRC LLC: Liquidity Concerns Cues S&P to Withdraw Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its ratings on
business processor outsourcer PRC LLC at the company's request.
      
"We had lowered the corporate credit rating on PRC to 'CCC+'
from 'B' on Nov. 1, 2007, based on liquidity concerns and
deteriorating business performance," stated S&P's credit analyst
Andy Liu.

Plantation, Florida-based PRC is a business process outsourcing
or BPO provider with operations in the United States, the
Philippines, India, the Dominican Republic, and Ireland.  The
company provides dedicated-agent communication services focusing
on business-to-consumer and business-to-business transactions.




=============
E C U A D O R
=============


* ECUADOR: MIF Approves Financing for Two Projects
--------------------------------------------------
The Multilateral Investment Fund has approved two financings to
Ecuador:

   -- a US$1,236,000 grant for the development of the cultural
      economic sector in the Historic Center of Quito, and

   -- a US$3 million renewable credit line to provide financial
      services to poor and low-income microentrepreneurs in
      remote areas of the country.

This project aims to promote cultural industries in the historic
center of Quito by connecting supply with demand and by
encouraging public-private partnerships.  The program will, in
this way, complement IDB efforts to reenergize the historical
downtown by organizing and promoting it as an engine of
socioeconomic development through the sustainable development of
its cultural industries.

International experience shows that cultural industries are an
important local development tool and a significant source of
employment.  Quito has one of the most notorious downtown
centers in Latin America; with invaluable cultural, historical
and architectural wealth that provides the city with a
comparative advantage for the development of its cultural
industries.  The program includes:

   * creating organized and dynamic cultural networks;

   * developing new business opportunities through production
     linkages;

   * promoting new cultural products and services; and

   * several evaluation, dissemination, and sustainability
     activities.

The project will be carried out by the Empresa de Desarrollo
Urbano de Quito which is contributing US$540,000 in local
counterpart financing.

The general objective of this project is to broaden financial
democracy by expanding formal financial services to semiurban
and rural microenterpreneurs in remote, underserved areas of
Ecuador, to help them grow their business and improve their
living standards.

The program will provide a one-year renewable line of credit of
up to US$3 million to FINCA Ecuador to channel the MIF funds to
microentreprises across the country.  This is the first MIF
project to supply financing to a regulated financial institution
that uses the “village banking” lending methodology.

The project fits with the core IDB activity of promoting
financial democracy, as defined in the “Opportunities for the
Majority” initiative.

The executing agency is Sociedad Financiera para la Asistencia
Comunitaria FINCA S.A. (FINCA Ecuador).

The Multilateral Investment Fund is an autonomous member of the
IDB Group that promotes private sector growth in Latin America
and the Caribbean through grants and investments

                         *    *    *

As reported in the Troubled Company Reporter-Latin America on
Nov. 1, 2007, Fitch Ratings affirmed and removed from Rating
Watch Negative the long-term foreign currency Issuer Default
Rating of Ecuador at 'CCC', the country ceiling at 'B-' and the
short-term IDR at 'C'.  The Rating Outlook is Stable.

In addition, the following bond ratings were affirmed:

  -- Uncollateralized foreign currency bonds at 'CCC/RR4';
  -- Collateralized foreign currency Par and Discount Brady
     bonds at 'CCC+/RR3'.


* ECUADOR: Mining Firms To Pay More Royalties
---------------------------------------------
Ecuadorian mines and oil minister Galo Chiriboga told Dow Jones
Newswires that mining companies in the country may have to pay
royalties to the government in the future and even pay more
whenever metals prices go exceed pre-established levels.

Dow Jones notes that mining firms currently pay for their
concessions.  They don't pay any royalties on what they mine.

Minister Chiriboga commented to Dow Jones, "There have to be
some rules on the additional revenues brought in by the metals.  
The mining and oil sectors should be treated similarly."

Contracts of mining firms already in Ecuador and those planning
to come will be analyzed on a case-by-case basis, Dow Jones
relates, citing Minister Chiriboga.  The Constituent Assembly
will write new mining-sector regulations and will establish the
obligation to pay royalties to the government.  

According to Dow Jones, a law would be created on how royalties
would be paid, including whether additional revenue should be
paid once metals prices go above prices pre-established in
contracts.

Minister Chiriboga told Dow Jones that the Ecuadorian
government, mining firms and communities affected by mining will
be involved in making the new policies.

Foreign mining companies, including the Canada-based Corriente
Resources Inc. and Iamgold Corp., and US-based Ascendant Copper
Corp., would continue to operate in Ecuador.  They said they are
waiting to hear from the government on any new regulations, Dow
Jones states.

As reported in the Troubled Company Reporter-Latin America on
Nov. 1, 2007, Fitch Ratings affirmed and removed from Rating
Watch Negative the long-term foreign currency Issuer Default
Rating of Ecuador at 'CCC', the country ceiling at 'B-' and the
short-term IDR at 'C'.  The Rating Outlook is Stable.

In addition, the following bond ratings were affirmed:

  -- Uncollateralized foreign currency bonds at 'CCC/RR4';
  -- Collateralized foreign currency Par and Discount Brady
     bonds at 'CCC+/RR3'.




=================
G U A T E M A L A
=================


BRITISH AIRWAYS: Traffic Figures Up 2.2% in October 2007
--------------------------------------------------------
British Airways plc reported traffic and capacity statistics for
October 2007.

In October 2007, passenger capacity, measured in Available-Seat-
Kilometers, was 1.3% above October 2006.  Traffic, measured in
Revenue Passenger Kilometers, rose 2.2%.  This resulted in a
passenger load factor up 0.6 points versus last year, to 75.9%.  
The increase in traffic comprised a 10.4% increase in premium
traffic and a 0.9% rise in non-premium traffic.

Cargo, measured in Cargo-Ton-Kilometers, fell by 3.0%.

                      Market Conditions

Market conditions are broadly unchanged, as reported by the
company in its interim results on Friday, Nov. 2, 2007.

                    Strategic Developments

The company concluded arrangements for a long term multiple
option facility for US$1,700,000,000.  The facility will be used
to finance aircraft delivered over  the next five years.

British Airways launched a sale of more than 350,000 Club World
seats to 46 destinations across the globe.  The sale runs until
midnight on Nov. 27,  2007, for selected travel dates between
Dec. 1, 2007, and March 20, 2008.

The airline announced an end to its franchise agreement with GB
Airways from March 2008 and its intention to start services on
some of the routes previously operated under the franchise.  BA
plans to start services from Heathrow to Faro and Malaga and
from Gatwick to Faro, Gibraltar, Ibiza, Malaga, Palma and Tunis
from March 30, 2008.  The airline will also end its franchise
with Loganair from Oct. 25, 2008 and begin a codeshare
arrangement with the Scottish carrier.

BA CityFlyer announced the acquisition of two Avro RJ85 regional
jets for Spring 2008.  The airline has signed leases for the two
aircraft with BAE Systems Regional Aircraft, to replace the two
oldest RJ100s in the BA CityFlyer fleet of 10 aircraft.  The
new, lighter aircraft will be able to carry more passengers on
longer routes from London City Airport.

British Airways will operate flights from Gatwick to Poznan in
Poland and Antalya in Turkey next summer.  There will be daily
flights to Poznan from March 30, 2008, and three flights per
week to Antalya from April 10, 2008.

An order was placed for 150 new electric powered baggage tugs to
improve operational performance after its move to Terminal 5.
The new baggage tugs are part of British Airways' GBP25 million
investment in more than 550 airport vehicles, which will work
around the new terminal when it opens on March 27, 2008.  All of
the baggage tugs will be delivered between October 2007 and
March 2008.

                    About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

As reported on Aug. 16, 2007, Moody's
Investors Service upgraded the senior unsecured rating
of British Airways plc to Ba1, one notch lower than the
Corporate Family Rating (upgraded to Baa3, stable outlook),
reflecting the subordination of unsecured debt to a substantial
portion of secured debt.

The debt instruments affected by the rating action are:

   -- GBP100 million 10.875% senior unsecured notes due 2008 to
      Ba1 from Ba2;

   -- GBP250 million 7.25% senior unsecured notes due 2016 to
      Ba1 from Ba2;

   -- US$115 million 5.25% and US$85 million 7.625% senior
      unsecured industrial revenue notes due 2032 to Ba1 from
      Ba2;

   -- EUR300 million 6.75% perpetual guaranteed preferred
      securities to Ba2 from Ba3 issued by British Airways
      Finance (Jersey) L.P.


EMPRESA ELECTRICA: S&P Confirms BB Long-Term Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB' long-
term corporate credit ratings on Empresa Electrica de Guatemala
S.A.  The outlook is stable.
      
"The ratings are constrained by the inherent challenges
associated with  the operating environment in the Republic of
Guatemala (FC: BB/Positive/B; LC: BB+/Positive/B).  In S&P's
opinion, EEGSA faces a certain level of uncertainty operating in
a competitive market for electricity in a country that, while
stable today, has experienced periods of macroeconomic
instability.  The ratings also reflect the company's limited
financial flexibility, given the undeveloped capital markets in
Guatemala, compared to distribution companies operating in
countries with more developed financial markets.  The ratings
are supported by the strong market position through its natural
monopoly; the favorable regulatory framework for energy
companies, although slightly changing; management's experience
and success in Latin America; the company's strong cash flow
protection measures; and adequate liquidity," said S&P's credit
analyst Patricia Calvo.
     
The outlook reflects S&P's expectation that Empresa Electrica de
Guatemala will maintain its financial profile, continue to
improve operating efficiencies in a regulated market, and remain
under close watch from the National Commission of Electrical
Energy.  The ratings on the company are unlikely to exceed the
sovereign foreign currency rating for Guatemala.  This reflects
S&P's view of country risk for Guatemala, as well as the harsh
effect on Empresa Electrica, resulting from the potential set of
negative events related to a sovereign foreign currency default
scenario.  A negative rating action could be considered if the
company's cash flow protection measures deteriorate
significantly.




===============
H O N D U R A S
===============


LEAR CORP: Earns US$41 Million in Third Quarter Ended Sept. 29
--------------------------------------------------------------
Lear Corporation reported Tuesday financial results for the
third quarter of 2007.

Lear reported net income of US$41.0 million for the third
quarter of 2007.  This compares with a net loss of US$74.0
million for the third quarter of 2006.

For the third quarter of 2007, Lear reported net sales of
US$3.6 billion and pretax income of US$60.1 million, including
restructuring costs of US$37.3 million and other special items
of US$8.0 million.  For the third quarter of 2006, Lear reported
net sales of US$4.1 billion and a pretax loss of US$65.9
million, including restructuring costs and other special items
of US$46.1 million.

Income before interest, other expense, income taxes,
restructuring costs and other special items was US$170.4 million
for the third quarter of 2007.  This compares with net sales of
US$3.3 billion and core operating earnings of US$100.1 million,
excluding the divested Interior business, for the third quarter
of 2006.

"Our financial performance continued to improve in the third
quarter as the benefits from on-going operational efficiencies,
our global restructuring initiative and new business favorably
impacted our bottom line," said Bob Rossiter, Lear chairman,
chief executive officer and president.  "Our focus going forward
is to continue to provide superior quality products and
services, while we work to further strengthen and profitably
grow our core seating, electrical distribution and electronic
businesses."

Net sales in core businesses were up from the prior year,
primarily reflecting the addition of new business outside of
North America and favorable foreign exchange, offset in part by
unfavorable platform mix in North America.  Operating
performance improved from the year-earlier results, reflecting
the company's cost improvement actions and restructuring
initiative, as well as benefits from new business outside of
North America.

In the seating segment, operating margins improved, reflecting
favorable cost performance from restructuring and ongoing
efficiency actions, selective vertical integration and the
benefit of new business globally.  In the electrical and
electronic segment, operating margins declined, reflecting
unfavorable net pricing and the roll-off of several key programs
in North America.

Free cash flow in the third quarter of 2007 was US$90.8 million
as compared to negative US$48.2 million in the third quarter of
2006. The improvement reflects primarily the divestiture of the
Interior business and an improvement in core operating earnings.  
Net cash provided by operating activities was US$62.0 million in
the third quarter of 2007 as compared to net cash used by
operating activities of US$8.1 million in the third quarter of
2006.

At Sept. 29, 2007, the company's consolidated balance sheet
showed US$7.94 billion in total assets, US$7.01 billion in total
liabilities, and US$932.7 million in total shareholders' equity.

                   Full-Year 2007 Outlook

The outlook excludes results for the divested Interior business
for the full year.  On this basis, Lear expects 2007 net sales
of approximately US$15 billion. This is unchanged from the prior
outlook.  Lear now anticipates 2007 core operating earnings in
the range of US$680 million.  This is up from the last full-year
outlook, reflecting lower production risk and more favorable
operating performance.

Restructuring costs in 2007 are estimated to be about
US$125 million.

Interest expense is estimated to be approximately US$200
million.  Pretax income before restructuring costs and other
special items is estimated in the range of US$430 million.  Tax
expense is expected to be approximately US$135 million,
depending on the mix of earnings by country.

Capital spending in 2007 is estimated at approximately US$200
million, down US$35 million from the prior outlook, reflecting
primarily program timing and spending efficiencies.  
Depreciation and amortization expense is estimated at about
US$300 million.  Free cash flow is expected to be positive at
about US$350 million for the year.  This is up from the prior
outlook, reflecting higher earnings and lower capital spending.

Key assumptions underlying Lear's full-year 2007 financial
outlook include expectations for industry vehicle production of
approximately 15.0 million units in North America and 19.7
million units in Europe.  In addition, the company is assuming
an exchange rate of US$1.35/Euro.
                
                      About Lear Corp.

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and  
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in China, India, Japan,
Philippines, Singapore, South Korea, and Thailand.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 5, 2007, Moody's Investors Service affirmed Lear
Corporation's Corporate Family Rating of B2 with a stable
outlook.  Ratings on the company's term loan of B2 and on its
unsecured notes of B3 were similarly affirmed but with slight
revisions to their respective LGD point estimates.




===========
M E X I C O
===========


FLEXTRONICS INTERNATIONAL: Solectron Alters Repurchase Offer
------------------------------------------------------------
Flextronics International Ltd. disclosed that in connection with  
its acquisition of Solectron Corporation on October 1, 2007,
Solectron notifies holders of its outstanding 0.50% Convertible
Senior Notes due 2034 and Solectron's 0.50% Convertible Senior
Notes Series B 2034, that it will repurchase at a cash prize
equal to 100% of their outstanding principal amount, plus
accrued and unpaid interest to, but excluding, the date of
repurchase.  The indentures governing the Convertible Notes
require Solectron to make the offer to repurchase the
Convertible Notes as a result of Flextronics' acquisition of
Solectron.

U.S. Bank National Association is acting as the paying agent for
Solectron's offer to repurchase its Convertible Notes.

In order to have their Convertible Notes repurchased, holders
must validly surrender their Convertible Notes to the paying
agent by 5:00 p.m., New York City time, on Nov. 30, 2007.  
The repurchase price for all Convertible Notes validly
surrendered and not withdrawn by the Submission Deadline will
become due and payable on Dec. 14, 2007, and interest on the
Convertible Notes will cease to accrue on and after the date.  
Solectron will deposit a cash payment equal to the aggregate
repurchase price for the Convertible Notes being repurchased
with the paying agent, which will transmit payment to holders.

The Convertible Notes, which are convertible into a cash payment
of US$402.41 per US$1,000 principal amount, a re not currently
again at any time prior to their maturity on Feb. 15, 2034.

holders of Convertible Notes should carefully read the Change in
Control Repurchase Notice issued by Solectron, as it contains
important information regarding the procedures to be followed
and timing for Solectron's repurchase of the Convertible Notes.  
Holders of Convertible Notes may obtain copies of the Change in
Control Repurchase Notice and delivery instructions for the
Convertible Notes by contacting U.S. Bank National Association
at (800) 934-6806.

                 About Flextronics International

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an     
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 4, 2007, Fitch Ratings has completed its review of
Flextronics International Ltd. following the company's
acquisition of Solectron Corp. and resolved Flextronics' Rating
Watch Negative status by affirming these ratings:

  -- Issuer Default Rating at 'BB+';
  -- Senior unsecured credit facility at 'BB+'.

Fitch also rated Flextronics' new senior unsecured Term B loan
at 'BB+'.  Additionally, Fitch has downgraded the rating on
Flextronics' senior subordinated notes from 'BB' to 'BB-'.
Fitch said the rating outlook is negative.lion) will finance the
cash portion of the merger consideration.


MCDERMOTT INT'L: Reports US$140.4-Mln Net Income in Third Qtr.
--------------------------------------------------------------
McDermott International Inc. recorded net income of US$140.4
million for the 2007 third quarter, compared to net income of
US$102.7 million for the corresponding period in 2006.  Weighted
average common shares outstanding on a fully diluted basis were
approximately 228.9 million and 228.3 million in the quarters
ended Sept. 30, 2007 and Sept. 30, 2006, respectively.  For
2006, the company’s common shares outstanding and earnings per
share are adjusted to reflect the 2-for-1 stock split effected
in September 2007.

McDermott’s revenues in the third quarter of 2007 were
US$1,324.0 million, compared to US$1,118.3 million in the
corresponding period in 2006.  The 18.4 percent growth in
Company revenues, compared to a year ago, was led by the
Offshore Oil & Gas Construction segment which increased US$142
million, or 32.3 percent.  The revenues in the Power Generation
Systems and Government Operations segments increased 6.2 percent
and 20.3 percent, respectively.

Operating income was US$155.2 million in the 2007 third quarter,
a 25.0 percent improvement compared to US$124.1 million in the
2006 third quarter.  The increase in operating income is
attributable to continued exceptional performance within the
Offshore Oil & Gas Construction segment combined with improved
results from the Power Generation Systems segment.

“Our employees’ continued commitment to outstanding project
execution again produced superior results for our shareholders,”
said Bruce W. Wilkinson, Chairman of the Board and Chief
Executive Officer of McDermott.  “With the continued strength of
McDermott’s Offshore Oil & Gas Construction business, we believe
the 2007 fourth quarter will complete a remarkably strong year
at McDermott.”

At Sept. 30, 2007, McDermott’s consolidated backlog was US$9.3
billion, compared to US$8.6 billion at Sept. 30, 2006 and US$8.9
billion at June 30, 2007.

McDermott International, Inc. (NYSE:MDR)
-- http://www.mcdermott.com/--is a leading worldwide energy  
services company.  McDermott's subsidiaries provide engineering,
construction, installation, procurement, research,
manufacturing, environmental systems, project management and
facility management services to a variety of customers in the
energy and power industries, including the U.S. Department of
Energy.  The company operates in most major offshore producing
regions throughout the world, including the U.S. Gulf of Mexico,
Mexico, the Middle East, India, the Caspian Sea and Asia
Pacific.  Operations in this segment are primarily conducted
through its subsidiary, J. Ray McDermott, S.A.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 5, 2007, Moody's raised MII's Corporate Family Rating to
Ba3 from B1.

Moody's upgraded J. Ray McDermott, S.A.'s CFR to Ba3 from B1,
its Probability of Default Rating to B1 from B2 and its senior
secured bank facility to Ba2 (LGD-2, 22%) from Ba3 (LGD-2, 24%)
and The Babcock & Wilcox Company's senior secured bank facility
rating to Baa3 (LGD-1, 6%) from Ba2 (LGD-2, 19%).  The rating
outlook for J. Ray is positive, while the rating outlooks for
MII and B&W are both stable, according to Moody's.


URS CORP: Earns US$38.7 Million in Third Quarter Ended Sept. 28
---------------------------------------------------------------
URS Corporation reported its financial results for the third
quarter of fiscal 2007, which ended on Sept. 28, 2007.  Revenues
for the quarter were US$1,272.3 million, compared with revenues
of US$1,085.6 million during the third quarter of 2006, an
increase of 17%.  Net income was US$38.7 million, an increase of
29% over the US$29.9 million reported for the corresponding
period in 2006.

As of Sept. 28, 2007, the company’s backlog was US$5.80 billion,
compared to US$4.64 billion as of Dec. 29, 2006, an increase of
25%.

Commenting on the Company’s financial results, Martin M. Koffel,
Chairman and Chief Executive Officer, stated: “URS achieved
record revenue, net income and earnings per share in the
quarter.  Revenue grew in each of four key market sectors, led
by our private sector business, which increased approximately
30% primarily due to growth in our emissions control and oil and
gas businesses.  Growth in our state and local government sector
remained strong as a result of the continuing focus on public
infrastructure and favorable funding conditions.  Our federal
business also performed well, with revenue growth from
operations and maintenance and contingency management contracts,
as well as projects related to the military transformation and
base realignment and closure programs.”

Mr. Koffel continued: “We remain confident about the outlook for
our business, given URS’ strong competitive position, positive
trends across our markets, and our record backlog, which should
support continued growth in the fourth quarter and into 2008.”

For the purpose of calculating diluted EPS, weighted-average
shares outstanding for the third quarter of 2007 were 52.8
million, compared to 51.8 million for the corresponding period
last year.

                     Fiscal 2007 Outlook

As previously announced on Nov. 5, URS now expects that 2007
revenues will be approximately US$4.85 billion.  Assuming this
revenue expectation is met, URS expects that 2007 net income
will be approximately US$134 million and earnings per share will
be between US$2.50 and US$2.55.

In addition, the company expects its effective tax rate for 2007
to be between 41.0% and 42.0% compared to 42.6% in 2006.  
Finally, the company’s weighted-average shares outstanding for
2007 are expected to be 53.2 million, compared with 51.7 million
in 2006.

The company noted that the guidance provided above does not
include the impact of the proposed acquisition of Washington
Group.

                    About URS Corporation

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive  
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 21, 2007, Standard & Poor's Ratings Services assigned its
'BB+' bank loan rating and '2' recovery rating to URS Corp.'s
proposed USUS$2.1 billion senior secured credit facilities,
indicating expectations of substantial recovery in the event of
a payment default.  The facilities are rated the same as the
corporate credit rating on the company.

As reported in the Troubled Company Reporter on Sept. 20, 2007,
Moody's Investors Service assigned a provisional rating of
(P)Ba1 to the proposed USUS$2.1 million senior secured credit
facility of URS Corporation, which will be used to finance its
pending acquisition of Washington Group International Inc.


UNITED RENTALS: Moody's Places Corporate Family Rating at B2
------------------------------------------------------------
Moody's Investors Service has assigned United Rentals, Inc. a
Corporate Family Rating of B2, a Probability of Default Rating
of B2, a Speculative Grade Liquidity Rating of SGL-2 and a
stable ratings outlook.  Moody's also assigned these ratings to
the debt that will be issued by United Rentals (North America),
Inc. in order to fund the acquisition of United Rentals, Inc.by
Cerberus Capital Management, L.P.

   -- US$2.60 billion first priority senior secured credit
      facility Ba2, LGD2, 14%

   -- US$2.55 billion second priority senior secured notes, due
      2014 B2 LGD4, 57%

   -- US$1.35 billion senior unsecured bridge facility Caa1
      LGD5, 88%

   -- Unsecured exchange notes (P) Caa1 LGD5, 88%

The ratings have been assigned in conjunction with the US$6.9
billion leveraged buyout acquisition of United Rentals by
Cerberus Capital and will result in a relatively high debt
burden for the company at the same time that demand for
equipment rental services may be experiencing a downturn.  Most
of the existing debt of United Rentals will be repaid or convert
to equity as part of the LBO transaction.  However, existing
securities that remain will experience a significant diminution
in credit quality due to the stripping of protective covenants
or effective subordination. Consequently Moody's took these
actions with respect to United Rental's existing ratings:

   -- 6.5% convertible quarterly income preferred securities of
      United Rentals Trust I: to Caa1 LGD6, 96% from B3 LGD6,
      96%;

   -- Senior and senior subordinate notes: to Caa1 LGD6, 96%
      from B1 LGD3, 45% and B3 LGD5, 81% respectively;

   -- US$144 million of 1.875% convertible subordinate notes due
      2023: to Caa1 LGD6, 96% from B3 LGD5, 81%;

   -- Corporate Family Rating: B1 CFR withdrawn.

The LBO will increase the debt load (reflecting Moody's standard
adjustments) from US$3.6 billion to approximately US$6.4
billion, with 2007 pro forma leverage, increasing from 2.7 to
approximately to 4.8.  Although the increase in leverage is
significant and growth rates for non-residential construction
demand are expected to be slightly positive to flat over the
next two years, Cerberus Capital's plans to reduce United
Rentals' cost structure and to maximize free cash flow by
reducing fleet capital expenditure.  Additionally, the company's
large scale enables the company to leverage administrative costs
and to defend against the impact of regional weakness by moving
fleet to maximize efficiency.  This operating flexibility
affords the company an important competitive advantage relative
to smaller equipment rental companies.  Moody's expects that
United Rentals' core competitive strengths, combined with the
planned cost reductions, should enable the company to reduce
leverage during 2008 and thereby maintain credit metrics that
are supportive of the B2 CFR despite a softening in equipment
demand.

United Rentals will continue to face several challenges
including the ongoing cyclicality of the equipment rental
sector, the continued need to fund its rental fleet and weakened
credit metrics.  The company's higher leverage makes it
vulnerable to potential adverse financial risks and could hinder
the company's flexibility in a downturn.  These credit metrics
will position the company as one of the more leveraged companies
in the rated equipment rental sector.  Nevertheless, the
company's plan to lower costs and generate free cash flow to
reduce debt should strengthen debt protection measures in the
intermediate term.

The stable outlook reflects Moody's belief that the company's
debt protection measures should improve over the intermediate
term.  United Rentals should be able to weather future cyclical
downturns much better than in the past due to the emphasis on
lowering operating costs, improving internal efficiencies, the
diverse branch network and commitment to maintain ample
liquidity.

The Ba2 rating assigned to the US$2.60 billion first priority
senior secured credit facility (rated three notches above the
corporate family rating) reflects and LGD2, 14% loss given
default assessment.  The credit facility has a claim priority
effectively senior to that of the other rated debts because of
the first lien position, and benefits from the presence of a
large amount of effectively junior debt in the capital
structure.

The B2 rating assigned to the US$2.55 billion second priority
senior secured notes, due 2014 (rated at the corporate family
rating) reflects an LGD4, 57% loss given default assessment.  
The notes are secured on a second lien basis and would rank in
order of recovery ahead of the senior unsecured bridge facility.

The Caa1 rating assigned to the US$1.35 billion senior unsecured
bridge facility reflects an LGD5, 88% loss given default
assessment.  The notes are unsecured and effectively junior to
the secured debts in a recovery scenario.  After one year, the
senior unsecured bridge facility will convert to a seven-year
term loan.  Amounts under the bridge facility can be exchanged
for equivalent notes with similar terms.  Therefore, a
prospective rating has been applied to the senior unsecured
notes of (P) Caa1 LGD5, 88%.

The Caa1 rating assigned the 6.5% convertible quarterly income
preferred securities of United Rentals Trust I reflects an LGD6,
96% loss given default assessment.  The securities are
obligations of United Rentals Trust I, a stand-alone subsidiary
of United Rentals Inc., and are not guaranteed by United Rentals
(North America) or any of the operating subsidiaries, making the
preferred securities structurally subordinated to all other
existing debts in the capital structure.  Moody's expects that
the preferred securities that do not convert to equity will
remain outstanding after the transaction closes.

The SGL-2 Speculative Grade Liquidity rating reflects Moody's
belief that the company will maintain a good liquidity profile
over the next 12 month period.  The rating anticipates
availability under the company's revolving credit facility,
which will be approximately US$919 million at closing in
consideration of the initial draw down and letter of credit
commitments should be sufficient to fund operational needs over
the next 12 months.  The SGL rating is constrained however but
the level of negative cash flow during the seasonal build of
equipment purchases and by the fact that substantially all of
the company's assets will be encumbered by its first and second
lien debts.

Greenwich, Connecticut-based United Rentals Inc. (NYSE: URI) --
http://unitedrentals.com/-- is an equipment rental company with  
an integrated network of over 690 rental locations in 48 states,
10 Canadian provinces and Mexico.  The company's more than
12,000 employees serve construction and industrial customers,
utilities, municipalities, homeowners and others.  The company
offers for rent over 20,000 classes of rental equipment with a
total original cost of US$4.0 billion.  United Rentals is a
member of the Standard & Poor's MidCap 400 Index and the Russell
2000 Index(R).


UNITED RENTALS: S&P Lowers Corp. Credit Rating to B+ from BB-
-------------------------------------------------------------
Standard & Poor's Ratings Services has updated its CreditWatch
listing on United Rentals Inc. to indicate rating changes that
will follow the close of the acquisition of the company,
expected to occur on Nov. 16, 2007, by affiliates of Cerberus
Capital Management L.P.   At that time, S&P will lower its
corporate credit rating on the company to 'B+' from 'BB-' and
assign the company a stable outlook.
     
S&P has assigned 'BB' ratings to United Rentals' proposed US$1.5
billion senior secured first-lien revolving credit facility and
US$1.1 billion senior first-lien term loan facility, with a
recovery rating of '1', indicating an expectation of very high
(90%-100%) recovery in the event of a payment default.  S&P
assigned a 'B' rating to the company's US$2.35 billion second-
lien notes, with a recovery rating of '5', indicating an
expectation of modest (10%-30%) recovery.  The ratings are
subject to final terms and conditions.
     
S&P will withdraw its ratings on United Rentals' existing debt,
which is not on CreditWatch, once the company completes its
expected tender for all outstanding bonds and the existing
credit facilities are replaced with the proposed new credit
facilities.
     
"The ratings on URI reflect its weak business risk profile based
on its participation in the cyclical, highly competitive, and
fragmented equipment rental sector, as well as its aggressive
financial policy and highly leveraged financial profile, which
will follow the company's buyout by private equity firm
Cerberus," said S&P's credit analyst John Sico.  "Somewhat
moderating these risks are its position as the world's largest
provider of equipment rentals and good geographic, product, and
customer diversity."
     
The expected outlook is stable.  The ratings and outlook
incorporate flattening-to-declining industry conditions compared
with the recent healthy industry fundamentals.  Near-term
ratings upside is limited because of the significant increase in
leverage and the likelihood that near-term debt reduction will
have a modest impact on debt leverage.  The stable outlook
reflects S&P's expectation that the company will sustain its
operating performance and financial and acquisition discipline.  
An integral factor will be the company's ability to generate
free cash flow over the industry cycle and effectively manage
capital spending in line with industry demand.  Because the
Securities and Exchange Commission inquiry remains unresolved,
the rating does not incorporate an adverse outcome from the
ongoing SEC review or from shareholder lawsuits.  Meanwhile, the
industry is undergoing further consolidation, and because of its
cyclical nature and considerable M&A activity, the rating does
not incorporate debt-financed acquisitions or mergers.

Greenwich, Connecticut-based United Rentals Inc. (NYSE: URI) --
http://unitedrentals.com/-- is an equipment rental company with  
an integrated network of over 690 rental locations in 48 states,
10 Canadian provinces and Mexico.  The company's more than
12,000 employees serve construction and industrial customers,
utilities, municipalities, homeowners and others.  The company
offers for rent over 20,000 classes of rental equipment with a
total original cost of US$4.0 billion.  United Rentals is a
member of the Standard & Poor's MidCap 400 Index and the Russell
2000 Index(R).




===========
P A N A M A
===========


* PANAMA: Obtains US$10-Million Financing from IDB
--------------------------------------------------
The Inter-American Development Bank has approved a US$10 million
loan for a project to modernize and strengthen Panama’s national
environmental agency, ANAM.

ANAM is responsible for formulating Panama’s environmental
policies and monitoring compliance with environmental standards.  
It also manages the national system of protected areas and has
oversight over the country’s water and forest resources.

The project will build on the achievements and lessons learned
from previous programs to strengthen ANAM, which is to play a
key role in ensuring the environmental sustainability of
Panama’s efforts to boost its competitiveness.  These range from
implementing free trade agreements to undertaking major
infrastructure investments.

“Panama is experiencing accelerated economic growth that needs
to be environmentally sustainable, so it is crucial that ANAM
and local governments continue to develop and update their
environmental management capabilities,” said IDB project team
leader Henrik Franklin.

The project will help strengthen ANAM’s institutional capacity
to use modern instruments such as strategic environmental
evaluations and economic tools such as payments for
environmental services.  Online systems will also be launched to
expedite environmental licensing.

To promote the efficient use of water resources, the project
will support the establishment of an information system with
hydrometric stations and a network for monitoring water quality.  
It will also promote participatory formulation of management
strategies for key watersheds.

In addition, the project will strengthen ANAM regional offices
and local governments to enable them to better monitor and
control the use of natural resources, implement land management
plans and promote a culture of environmental sustainability at
the community level.

The loan is for 20 years, with a five-year grace period and a
variable interest rate.  Local counterpart funds for the project
will total $4 million.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2006, Fitch Ratings affirmed the Republic of Panama's
long-term foreign currency Issuer Default Rating of 'BB+'.
Fitch also affirmed the sovereign's long-term local currency IDR
of 'BB+', the short-term foreign currency IDR of 'B' and the
country ceiling of 'BBB+'.  Fitch said the rating outlook is
stable.




===============
P A R A G U A Y
===============


AGILENT TECHNOLOGIES: Inks Purchase Agreement with Velocity11
-------------------------------------------------------------
Agilent Technologies Inc. and Velocity11 have signed a
definitive agreement for Agilent to acquire Velocity11.  
Velocity11, privately held, is a leader in automated liquid
handling and laboratory robotics for the life science market.
Financial details were not disclosed.  The acquisition is
expected to be final in 30 to 60 days, subject to certain
closing conditions.

The acquisition will enable Agilent to offer a more
comprehensive suite of workflow solutions to its life science
customers in the pharmaceutical, biotech and academic research
markets.  Velocity11 designs, manufactures and markets robotic
solutions that range from standalone instrumentation to bench-
top automation solutions to large, multi-armed robotic systems.  
The company also develops world-class software to control the
robotics.  Velocity11’s technology will strengthen Agilent’s
offering of automated sample-preparation solutions across a
broad range of applications.

“Velocity11 is a market leader in lab automation with a solid
reputation for innovative technology, quality products and
superb customer service,” said Nick Roelofs, vice president of
Agilent’s Life Science Systems and Solutions Unit.  “Together,
we can offer customers a comprehensive set of workflow solutions
with increased levels of automation, which can help speed drug
discovery and genetic research. When the acquisition is final,
customers will continue to experience the same personalized
customer service they’ve come to expect from Velocity11, with
the addition of Agilent’s strong network of global service and
support.”

“We are very excited to be joining Agilent and to have found a
company with such a complementary culture, product line,
commitment to customer satisfaction and vision for providing
complete automated workflow solutions,” said Rob Nail,
Velocity11’s CEO.  “The ability to leverage Agilent’s global
infrastructure and deep applications focus will allow us to
continue to improve the services we provide our customers,
innovate in new directions, and rapidly expand our reach
worldwide.”

Agilent is offering jobs to substantially all of Velocity11’s
approximately 150 employees worldwide.  Headquartered in Menlo
Park, Calif., Velocity11 has a second office in Melbourn,
Hertfordshire, U.K., with field sales and support offered
throughout the U.S. and western Europe.  The company was
established in 1999.

Velocity11 has been recognized as one of the fastest growing
companies in Silicon Valley and in North America.  In 2006,
Velocity11 was named to Deloitte’s “Fastest Growing U.S. Tech
Company” list.

                      About Velocity11

Velocity11 -- http://www.velocity11.com/--is a privately held  
company based in Menlo Park, Calif., and is focused on
pioneering automation technology solutions for life science
laboratories.  The company’s customers comprise most of the
major pharmaceutical and biotechnology companies as well as
leading genome centers and academic institutions.  Combining
innovative engineering with high standards of quality and
customer service, Velocity11 designs and manufactures flexible
high-performance automation solutions for processes that are
transforming the industry.  Velocity11 is committed to providing
its customers with The Ultimate Automation Experience(tm).


                     About Agilent Tech

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Moody's Investors Service has assigned a Ba1
rating to Agilent Technologies, Inc.'s proposed offering of
US$500 million senior notes due 2017 and affirmed its existing
ratings and stable outlook.




=====================
P U E R T O   R I C O
=====================


AVNET INC: Closes Acquisition of Betronik in Germany
----------------------------------------------------
Avnet Inc. has completed its acquisition of the Berlin, Germany-
based passive components distributor Betronik GmbH.  Betronik,
which has annual sales of approximately US$40 million, employs
about 80 people and has a logistics center in Berlin, seven
sales offices across Germany and one sales office in France.  
Betronik and its French subsidiary DEL S.A. will be combined
with the Avnet Time organization in Germany and France,
respectively.  The newly formed business will operate within
Avnet Electronics Marketing EMEA under the Avnet Time brand.

Harley Feldberg, President of Avnet Electronics Marketing,
commented, “This acquisition demonstrates our on-going
commitment to build our IP&E business in Europe.  We believe
customers, suppliers, employees and shareholders will benefit as
we expand our capabilities in this market and bring together two
great companies.  Betronik has a strong reputation, and we will
build on that together.”

With the acquisition, Avnet Time expands its scale and scope in
serving the German and French markets, providing customers with
access to one of the industry's best line cards as well as a
broader spectrum of value-added services.

Ingeborg and Horst Mergener, managing directors and founders of
Betronik, will lead the sales organization in Germany reporting
directly to Michael Danylow, president of Avnet Time EMEA.  By
leveraging the strengths that have made Betronik the preferred
choice in the passive components market, Avnet Time will further
enhance its organization and ensure customers, suppliers and
employees experience a smooth transition.

                       About Avnet Inc.

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components  
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.

                        *     *     *

Moody's Investors Service affirmed Avnet's Ba1 corporate family
long-term debt ratings in March 2007.  Moody's said the outlook
is positive.


DIRECTV: Revenues Increase To US$442 Million in Third Quarter
-------------------------------------------------------------
DirecTV's Latin American unit said in a statement that its
revenues increased by 67% to US$442 million in the third quarter
2007, from US$264 million in the third quarter 2006.

The improved performance in this year's third quarter was due to
the consolidation of Sky Brasil's operations, including
significantly higher average revenue per unit, Business News
Americas relates, citing Directv.  

According to BNamericas, DirectTV Latin America merged with Sky
Brasil in last year's third quarter.

Meanwhile, DirecTV Latin America's clients increased by 17% to
3.09 million in the third quarter 2007, from 2.63 million in the
same period last year.  In this year's third quarter, DirecTV
Latin America added about 161,000 customers, primarily in
Brazil, Argentina, Colombia and Venezuela.

Headquartered in El Segundo, California, The DIRECTV Group
(NYSE:DTV) -- http://www.directv.com/--, Inc. provides digital  
television entertainment in the United States and Latin America.  
It has two segments, DIRECTV U.S. and DIRECTV Latin America.  
The DIRECTV U.S. segment provides direct-to-home digital
television services in the multichannel video programming
distribution industry in the United States.  The DIRECTV Latin
America segment provides digital direct-to-home digital
television services to approximately 1.6 million subscribers in
27 countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 5, 2007, Standard & Poor's Ratings Services affirmed the
'BB' corporate credit and 'BB-' senior unsecured debt rating on
The DIRECTV Group Inc.  S&P said the outlook is stable.


ROGELIO SORRENTINI: Case Summary & 19 Largest Unsec. Creditors
--------------------------------------------------------------
Debtors: Rogelio Velazquez-Sorrentini
         Katherine L. Leach
         Palma Real, Suite 6
         Paseo Las Palmas
         Dorado, PR 00646

Bankruptcy Case No.: 07-06572

Chapter 11 Petition Date: November 6, 2007

Court: District of Puerto Rico (Old San Juan)

Debtors' Counsel: Hector L. Freire Ortiz, Esq.
                  Freire Ortiz Law Office
                  P.O. Box 246-3071 Avenue Alejandrino
                  Guaynabo, PR 00969-7035
                  Tel: (787) 783-2704

Estimated Assets: US$1 Million to US$100 Million

Estimated Debts:  US$100,000 to US$1 Million

Debtors' list of its 19 Largest Unsecured Creditors:

   Entity                                 Claim Amount
   ------                                 ------------
Mercedes-Benz Financial                      US$69,256
27777 Inkster Road
Farmington Hils, MI 48334

Universal Card                               US$14,323
P.O. Box 6241
Sioux Falls, SD 57117

Discover Card                                US$12,733
12 Reads Way
New Castle, DE 19720-1649

Discover                                     US$12,723

Chase Bank                                   US$10,772

Ford Credit                                   US$9,766

Chase Bank                                    US$6,304

Chase                                         US$6,304

Citifinancial-Rooms To Go                     US$5,305

Sears                                         US$4,874

HSBC/RT                                       US$4,480

Home Depot - THD/CBSD                         US$4,292

MCYDSNB-Macy's                                US$2,640

MCYDSNB                                       US$2,399

HSBC/BOSE                                     US$2,306

Nordstrom FSB                                 US$1,668

Capital One Bank                              US$1,157

Chase-Pier                                      US$500

AFNI Inc.-Nextel                                US$433




=================
V E N E Z U E L A
=================


ARVINMERITOR INC: Closes North Carolina Operation on Sept. 2008
---------------------------------------------------------------
ArvinMeritor, Inc. has announced it would close its Commercial
Vehicle Systems (CVS) axle operation in Arden, North Carolina by
September 2008.
    
The closure is part of previously announced restructuring
actions in North America and Europe which the company expects to
affect 13 plants and 2,800 employees, resulting in an estimated
annual run rate savings of US$130-US$140 million by 2012.
    
Operations based in Arden will be transferred to the company's
facility in Forest City, N.C. and to a newly announced plant in
Monterrey, Mexico.  The company intends to begin transferring
work in February 2008.
    
Fifty-six employees at the Arden facility were advised of the
closure.  Arden employees will transfer to the Fletcher, North
Carolina facility.
    
Wayne Watson, general manager, Operations, North America, said,
"ArvinMeritor is taking action to optimize its global
manufacturing footprint which will enable us to better serve our
customers while reducing our cost structure."

                     About ArvinMeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,  
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 29,000 people at more
than 120 manufacturing facilities in 25 countries.  These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 9, 2007,
Fitch Ratings downgraded its ratings on ArvinMeritor Inc.
including Issuer Default Rating to 'BB-' from 'BB'; Senior
secured revolver to 'BB' from 'BB+'; and Senior unsecured notes
to 'B+' from 'BB-'.  Fitch said the rating outlook is negative.

Standard & Poor's Ratings Services lowered its corporate credit
rating and related ratings on ArvinMeritor Inc. to 'B+' from
'BB-'.  S&P said the outlook is negative.

Moody's Investors Service downgraded ArvinMeritor's Corporate
Family Rating to B1 from Ba3 and maintained the outlook at
stable.  Moody's also lowered its ratings on the company's
secured bank obligations (to Ba1, LGD-1, 8% from Baa3, LGD-2,
13%) and unsecured notes (to B2, LGD-4, 63% from B1, LGD-4,
63%).  The Probability of Default is changed to B1 from Ba3,
while the company's Speculative Grade Liquidity rating remains
SGL-2.  Moody's said the outlook is stable.


CHRYSLER LLC: Lenders Selling US$4 Billion Loans at a Discount
--------------------------------------------------------------
Aiming to lessen US$171 billion leveraged loan backlog, JPMorgan
Chase and Co., Citigroup Inc., Goldman Sachs Group Inc., Morgan
Stanley and Bear Stearns & Co. are planning to sell Chrysler
LLC's US$4 billion loans at about 97.5 cents on the dollar this
week, Pierre Paulden and Bryan Keogh of Bloomberg News reports
citing unnamed sources.

The banks, sources say, are eager to dispose the $10 billion
loans that they were not able to sell in July and August after
Cerberus Capital Management acquired Chrysler from former owner
DaimlerChrysler AG.

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- produces Chrysler, Jeep(R), Dodge  
and Mopar(R) brand vehicles and products.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

Chrysler is a unit of Cerberus Capital Management.


CHRYSLER LLC: Fitch Ratings Unaffected by UAW Agreement
-------------------------------------------------------
Chrysler LLC's (Issuer Default Rating 'B+'; Outlook Stable by
Fitch) ratings are unaffected by the recent ratification of a
new labor agreement with the United Auto Workers.  The rating of
'BB+/RR1' on the US$7.5 billion first-lien senior secured term
loan, as well as the US$2 billion senior secured second-lien
term loan, based on expectations of full recovery in a stress
scenario, is likewise unaffected.

Ratings for Chrysler reflect the intense competitive conditions
in the North American auto market, an uncertain United States
economic outlook entering 2008, declining market share, an
unbalanced product mix, stresses in the supply base, high
leverage in a high fixed-cost industry, and an ongoing
restructuring program.  Positives include the cost benefits and
improved competitive position to be derived from the new UAW
contract, Chrysler's relative success across a number of product
segments, the benefits of its relationship with Daimler AG and
international growth opportunities.

Fitch believes weakening economic growth in the U.S. has created
an increasingly uncertain outlook for industry sales in 2008.  
In particular, the key pickup truck market will continue to be
affected by depressed housing market conditions.  Coupled with
the pruning of its product line and a targeted reduction in
fleet sales, share losses may continue and Chrysler will be
challenged to halt revenue declines.  Depending on the extent of
the expected drop in industry sales, Chrysler will be challenged
to reverse negative cash flows when factoring in restructuring
costs. Incremental flexibility resulting from the new UAW
contract, however, will allow Chrysler greater flexibility to
size its production and costs to market conditions, thereby
reducing downside risks and cash drains in a downturn.

Nevertheless, the current product pipeline -- including new
minivans and the 2008 introductions of the Journey crossover,
the Dodge Ram pickup and the low-volume, high-profile Challenger
-- will help to support revenues and retail market share through
2008 and into early 2009. Although the minivan market continues
to decline, the exit of Ford Motor Company (IDR of 'B' with a
Negative Outlook) and General Motors Corp. (IDR of 'B' with a
Negative Outlook) from this market, and new features provided by
the new Dodge and Chrysler offerings could further augment its
market leading position.  The new Journey crossover is aimed at
one of the most rapidly-growing segments of the market where
Ford and General Motors have both enjoyed recent success.  
Although the pickup truck market is not expected to rebound
significantly through 2008, in line with expectations for the
housing market, the numerous difficulties surrounding the Toyota
Tundra launch lend confidence to the ability of the Detroit 3 to
defend this highly-profitable segment.  Dodge's new pickup
offerings will also include a light-duty diesel product.  
Continuing double-digit growth in export sales will also provide
marginal support to consolidated revenues.  Quality issues
remain a concern.

The new UAW contract will help Chrysler transition to a more
competitive wage and benefit structure over the next several
years, although a structural cost gap will still remain versus
the transplants.  The most significant cost savings will derive
from a reduction in the hourly work force of approximately 30%
from December 2006 to December 2008, along with a transition of
as much as 20% of the remaining U.S. hourly workforce (Fitch
estimate) to lower wage and benefit levels. This could result in
a longer-term reduction in consolidated wage and benefit costs
by more than a third when factoring in temporary workers.  The
transition of new hires to defined contribution pension and
health care programs also reduces longer-term structural risks.  
Reductions in the hourly workforce have been accompanied by
commensurate reductions in salaried and contract workers.  
Nevertheless, transplant manufacturers will retain a meaningful
cost advantage resulting from platform and parts commonality,
flexible manufacturing capability, capital investment efficiency
and quality.

The establishment of a VEBA, and the associated transfer of
healthcare liabilities represents a significant transfer of
medical cost inflation risk from Chrysler to the UAW.  The
funding of the VEBA through a combination of existing VEBA
funds, wage and Cost of Living Allowance allocation (COLA)
transfers, and debt was prudently funded to preserve required
operating liquidity at Chrysler.  The benefits, which will begin
to be realized until 2010, are significant in relation to the
upfront funding requirements.  Net liquidity, however, may be
modestly reduced, during a period of industry uncertainty.

Chrysler's market share has held up relatively well versus Ford
and General Motors over the past seven years, although sales
performance has been habitually boosted through over-production,
incentives and higher fleet sales.  Relatively moderate declines
in market share have resulted from better performance across a
number of product segments, which has aided capacity utilization
and resulted in more modest capacity cutbacks than at Ford and
General Motors.  (Chrysler currently has one assembly plant
scheduled for closure.)  As a result, cost reductions should
more directly translate into improved margin and cash flow
performance.  In a more favorable industry environment then
currently projected the combination of Chrysler's product
performance and material cost reductions could put Chrysler on a
path to positive cash flow.  Chrysler's sales outside NAFTA
(approximately 8% in 2006) is growing rapidly and could
represent an important factor in sustaining capacity utilization
if export growth continues at its current pace.  Fitch believes
the current U.S. dollar weakness could also support further
export market gains.

The relationship with Daimler AG (which retains a 19.8%
ownership stake in Chrysler) remains an important factor in the
rating.  Although cost synergies did not materialize to the
extent forecasted following the merger of the two entities,
joint programs involving platform consolidation, parts
commonality, purchasing initiatives, research and development,
etc. remain intact and are expected to result in achievement of
variable cost reductions over the longer term. Access to Daimler
powertrain, safety, emission and other technologies provides R&D
scale that Chrylser would otherwise lack, and which is critical
to remaining globally competitive. In particular, access to
Daimler's diesel technology could represent an important
competitive advantage as diesel products gain traction in North
America, as expected.

Strategically, Chrysler has displayed an 'asset-lite' approach
to its expansion plans.  Chrysler has demonstrated this approach
by contracting out manufacturing of its vehicles in Europe,
utilizing its North American capacity to manufacturer non-
Chrysler brands, and outsourcing on-site non-assembly
operations.  Fitch expects that Chrysler will continue to
leverage its brands, engineering and design, technologies and
products to expand its global presence through joint-ventures,
alliances, etc. in a capital efficient manner.  Chrysler's
joint-venture with China-based Chery, expected to eventually
manufacture exports to the U.S., is consistent with this
strategy.

Over the intermediate term, legislative and regulatory risks
across a wide spectrum of issues are rising, which could lead to
changes in consumer demand, cost competitiveness, product
standards, investment requirements, etc.  Issues include fuel
efficiency requirements, emissions standards, safety standards,
tax policies and free-trade policies, etc.  The majority of
which could adversely impact operating performance at Chrysler.

Fitch's rating of 'BB+/RR1' on the first-lien and second-lien
portions of the term loan reflects expectations of full recovery
in the event of a restructuring event.  The loans are secured by
substantially all of Chrysler's tangible and intangible assets
and is subject to a borrowing base. Fitch's recovery methodology
model incorporates a scenario of materially reduced market share
and revenues, a continuation of manufacturing operations, and a
high level of cash remaining on the balance sheet to finance
ongoing working capital obligations.  Recovery values, as has
been the pattern in the auto parts sector, reflect the
substantial savings in wages, benefits, asset rationalization
and other fixed costs than can be realized as part of the
restructuring process. Fitch views Chrysler's gains in plant
efficiency, the core strength of certain product lines, and the
value of certain brands (particularly Jeep) and a growing global
presence would lead to continued production by these plants,
thereby enhancing the emerging enterprise value and
supplementing recovery values obtained from other working
capital and physical assets.  Although Chrysler Financial
remains a separate legal entity, incentives exist for Cerberus
to keep Chrysler capitalized in order to retain the value and
viability of Chrysler Financial.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- produces Chrysler, Jeep(R), Dodge  
and Mopar(R) brand vehicles and products.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

Chrysler is a unit of Cerberus Capital Management.


GRAHAM PACKAGING: Sept. 30 Balance Sheet Upside-Down by US$616MM
----------------------------------------------------------------
Graham Packaging Holdings Company's consolidated balance sheet
at Sept. 30, 2007, showed US$2.46 billion in total assets and
US$3.08 billion in total liabilities, resulting in a US$616.1
million total partners' deficit.

The company incurred a net loss US$13.4 million for the three
months ended Sept. 30, 2007, compared to a net loss of US$15.0
million for the same period in 2006.  The net loss for the nine
months ended Sept. 30, 2007, was US$23.9 million compared to a
net loss of  US$40.2 million for the same period in 2006.

Net sales for the three months ended Sept. 30, 2007, totaled
US$621.5 million, a decrease of US$21.5 million, or 3.3%, from
net sales of US$643.0 million for the same period in 2006.

The overall decrease in net sales was attributed to lower
volume, higher sales of lower-priced containers, price
reductions in response to competitive pressure, and a decrease
in resin costs which are passed through to customers.  Net sales
were down 6.7% in North America.  Net sales increased 20.4% in
Europe in the third quarter and 25.0% in South America, due to
favorable exchange rates and higher volume.

Net sales for the nine-month period ended Sept. 30, 2007,
totaled US$1.89 billion, a decrease of US$47.0 million, or 2.4%,
compared to the same nine-month period in 2006.

Operating income for the three months ended Sept. 30, 2007,
totaled US$44.2 million, an increase of US$4.2 million from
US$40.0 million for the same period in 2006.
     
Operating income for the nine months ended Sept. 30, 2007,
totaled US$151.8 million, an increase of US$25.4 million, or
20.1%, over operating income of US$126.5 million in the
comparable period in 2006.

Operating income for the three- and nine-month periods increased
despite the lower sales because of ongoing expense-reduction
initiatives, decreases in project start-up costs, lower
integration costs related to the company's acquisition of O-I
Plastics, and favorable currency translation.

"Many of our key markets, like isotonic beverages, are flat to
down over last year," said Warren Knowlton, chief executive
officer of Graham Packaging.  "This had particular impact in the
third quarter.  We continue to adapt to this slower sales
environment with clear focus on cost saving, productivity gains,
and quality improvement initiatives that offset the current
sales picture."
    
Covenant compliance EBITDA totaled US$434.3 million for the four
quarters ended Sept. 30, 2007, an increase from covenant
compliance EBITDA of US$427.8 million for the four quarters
ended June 30, 2007.  Covenant compliance EBITDA is EBITDA
further adjusted to exclude non-recurring items, non-cash items
and other adjustments required in calculating covenant
compliance under the company's credit agreement and notes.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?24f7

                   About Graham Packaging

Based in York, Pennsylvania, Graham Packaging Holdings Company,
the parent company of Graham Packaging Company L.P. --
http://www.grahampackaging.com/-- is a worldwide leader in the  
design, manufacture and sale of customized blow molded plastic
containers for the branded food and beverage, household,  
automotive lubricants and personal care/specialty product  
categories and, as of the end of Sept. 2007, operated 85
manufacturing facilities in Argentina, Belgium, Brazil, Canada,
Ecuador, England, Finland, France, Hungary, Mexico, the
Netherlands, Poland, Spain, Turkey, the U.S. and Venezuela


PETROLEOS DE VENEZUELA: Increasing Oil Shipments to China
---------------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA said
in a statement that it will increase oil exports to China to one
million barrels per day by 2011.

According to Petoleos de Venezuela's statement, the firm will
export almost 500,000 barrels of oil per day to China next year.

The Venezuelan government told Business News Americas that
Venezuela exports some 350,000 barrels per day to China.

Venezuelan news agency Agencia Bolivariana de Noticias says that
authorities in the two countries entered into 11 agreements to
boost cooperation in these sectors:

          -- energy,
          -- financial, and
          -- technological.

According to published reports, Venezuela agreed to form a US$6-
billion fund with China to promote energy projects throughout
Latin America to increase fuel exports to the Asian country.

BNamericas relates that China will contribute about US$4 billion
to the fund, which would be called Fondo Pesado.  Venezuela will
donate some US$2 billion.

Petroleos de Venezuela will collaborate with Chinese oil firm
Sinopec on the certification of reserves in the Junin 8 block in
Orinoco, BNamericas notes.

Venezuelan President Hugo Chavez said in a statement, "There are
40 billion barrels of reserves in that block [Junin 8] alone.  
That's more than double what the US has at the moment."

The report says that Petroleos de Venezuela signed an accord
with China National United Oil Corporation to supply the Asian
nation with Venezuelan fuel.  Petroleos de Venezuela also signed
a memorandum of understanding with the China National Petroleum
Company to boost cooperation in the energy sector.

According to BNamericas, Petroleos de Venezuela's transit unit
PDV Marina signed a strategic alliance for the transport of
crude and refined products with China's Petrochina International
Company.

President Chavez commented to BNamericas, "This agreement is
important because it will allow us to reduce transportation
costs.  We won't have to depend on third parties that inflate
costs."

Petroleos de Venezuela SA -- http://www.pdv.com/-- is   
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.


* VENEZUELA: Cantv Earns VEB341 Billion in Third Quarter 2007
-------------------------------------------------------------
Venezuelan state-run Cantv said in a statement that its net
profits decreased 26.6% to VEB341 billion in the third quarter
2007, compared to the same period last year.

Business News Americas relates that Cantv's revenues rose 19.5%
to VEB2.08 trillion in this year's third quarter, from last
year's third quarter.

According to BNamericas, Cantv's fixed line business revenues
grew 6.8% to VEB739 billion -- including VEB241 billion from
local telephony -- in 2007, compared to 2006.  Domestic long
distance revenues increased 10.8% at VEB79.1 billion.  
International long distance revenues, however, dropped 7%.  
Meanwhile, mobile telephony revenues rose 28.3% to VEB1.04
trillion.  Broadband revenues grew 37% year-on-year at VEB303
billion.

BNamericas notes that Cantv's mobile telephony represented 50%
of its revenues in the third quarter 2007.  Meanwhile, fixed
line telephony contributed 35.5% and broadband accounted for
14.5%.  Mobile unit Movilnet's active lines rose 32.5% to 8.9
million in this year's third quarter, compared to the same
period last year.  Mobile traffic grew 43.8%.

The report says that Cantv's clients rose 63.7% to 691,600 in
the broadband segment in the third quarter 2007, from the third
quarter 2006.  The firm's fixed lines in service also grew 21.1%
to 3.9 million.

Cantv's capex totaled VEB998 billion for the first nine months
of 2007.  Investment was chiefly focused on the expansion of
Cantv's GSM network and broadband infrastructure in Venezuela.  
The firm invested in next generation networks and in the
expansion of the fixed line network, BNamericas states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 22, 2007, Fitch Ratings revised the rating outlook on
Venezuela's long-term foreign and local currency Issuer Default
Ratings to Negative from Stable.  At the same time, the agency
affirmed the IDRs at 'BB-', the short-term foreign currency
rating at 'B', and the country ceiling at 'BB-'.


                        ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marjorie C. Sabijon, Sheryl Joy P. Olano, Rizande
delos Santos, and Pamella Ritah Jala, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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           * * * End of Transmission * * *